The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-11-08

Among the nonpolitical features of the
recent election, and one that may be the
beginning of an important change in
business methods. was. the adoption of
the so-called Torrens act in Chicago.
This act. like the secret ballot law which
is now in force in many of the Northern
States, is an Importation from Australia,
the name which it bears being derived
from its originator, Sir Robert Torrens.
be indigenous to new soils and systems.
its object being to simplify the transfer
of land and make it as simple as the
transfer OF ank stock and the title OF
the holder as free from danger or diff
Guilty as ordinarily the title of the holder
of bank stock is to the shares he holds.
All owners and dealers in real estate
know how cumbersome and expensive is
the ransfer of land titles under the pre-
vailing system in the United States, and
in spite of all efforts it is sometimes al.
most impossible to clear a title of clouds.
The Torrens system does away entirely
with tho examining and abstracting of
titles, and, to a degree. with the record
ing of deeds. Unde the present system
an owner of real estate wishing to sell
or mortgage it is often put to heavy ex-
pense for an abstract of title. Under the
Torrens law this is avoided The system
is now in operation in all the Australian
colonies, Tasmania. New Zealand and
the Dominion of Canada. AS adopted
in Illinois 1t makes the recorder of deeds
ex officio register of titles. Any owner
of real estate desiring to have his title
registered can do so on payment of SIS
and one-tenth of / per cent. on the value
of the land, the latter going toward an
insurance fund. out of which will be
paid all damages occasioned by the
errors of the register. who. by the way,
gives a large bond At the expiration
of five years after registration of title
the owner of the property gets a certifi-
cate, which is conclusive evidence of
title. unless in the meantime his title
has been successfully attacked in the
courts. This certificate supersedes all
deeds and evidences Inc muniments Of
title. and, of course. all necessity for
any abstract Of title. 1t can be passed
from hand to hand by simple indorse-
ment. and carries the land with it. 1t
is in itself an abstract and guarantee of
title, and a proof of ownership, and can
be transferred as easily as a registered
government bond or certificate of bank
stock.
The law is optional, not compulsory.
1t does not require any owner of real
estate to register his title and obtain a
certificate, unless he wishes to do so. If
ne prefers he can still hold his property
by deed, and If he wishes to mortgage
or sell it can pay for an abstract of title
in the old way. But If he want to avoid
this expense and have his title put in a
form that will enable him to ransfer it
without expense on ten minutes notice
he can do so under the Torrens act.
The last Legislature of Illinois passed
a law embodying this system, and pro-
vided that it should become operative
when adopted by a nine-tenths majority
of the voters of any county in the State.
The fact that ii has received this large
majority in Cook county shows that the
people are convinced of its merit. The
total vote was so. 536 for the law and
5,279 against, giving a majority of 1921
in favor Of it's adoption. Chicago is the
pioneer of the new system in the United
States. and if it works well there. of
which it's supporters have no doubt. it
will probably extend to other States.
1t is believed the law will stimulate real
estate transactions by facilitating trans
fers and doing away with the cost of
abstracting of titles. and that it will be
of special benefit to small property own
ers in enabling them to borrow money on
real estate mortgage.