The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-06
REAL ESTATE
AS COLLATERAL
How Small Property Owners are
Helped.
THIS UNDER T0RRENs SYSTEM.
sIost satisfactory Results Obtained
III stralia Under
the Syste ems
Operation.
THIS UNDER TORRENS SYSTEM.

The recent newspaper publications
in regard to the Torrens System
for registering and protecting titles
to real estate has caused an in
creased interest in this proposed method
for rendering the ownership of real estate
an available asset for speedy sale or for
collateral purposes. Mr.. Eugene c. Massie,
who has interested himself in the matter
OF bringing this question 20 the public at
tenton, was seen and asked if he could
give any information as to the workings
OF this system in Australia, where it has
been in vogue for thirty-eight years.
In reply to this, Mr.. Mnssie said that he
took great pleasure in showing the report
for the operation of the Torrens System in
Queensland. Il have written to Queens
land, said Mr.. SIassie, and have received
from the Hon. J. O. Bourne, the Registrar
OF Titles, a long letter describing the ope7
ations OF this act and the official statistics
published by the government showing the
number Of transactions under this act
since 1861. These transactions include APP
plicatiOns TO bring lands under the act,
conVeyances, mortgages, releases OF mort
CAGES, TRANSFER OF mortgages, transmits
sions by insolvency or death, judgments.
court orders and other registered dealings.
Hon. j. o. Bourne makes the extrnor-
dinarily interesting statement" said Mr..
-1dSS!s, l!idt tIIClSii TIE OIiiCe III t2licSiiS
land has been in existence thirty-eigh.
years, during which time the transactions
have numbered 1881, $40, there has only
been one instance OF loss through incor-
rect title having been Issued. This notable
immunity from error in titles issued IN
der this system has engendered the ut
most confidence on the validity of our
titles on the part Of the public.
GUARANTEED BY STATE.
You see said Mr. Massie, that de-
spite the fact that the titles in Queens
land are guaranteed under this system by
the State, out of nearly Lace, COO transac-
tons the assurance fund has only been
called on to make good loss occasioned
through the wrong issuance of one title
This is about 1-l5,0G0 OF l per cent. OF loss
Would it be possible to get a more accu-
rate system that depended for its accu
racy on the eyesight and handwork OF
human beings?
The popular appreciation OF this act in
Queensland by the people hns been abso-
lutely demonstrated by the fact that
though no one was forced by law to come
in and register his lands under the Tor
rens System, yet out OF 1316t,166 acres.
which are owned by private individuals,
only 1856 acres are held by titles under
the old system. All the rest. towit, 49,,
14S, 200 acres, have been bought under the
Torrens System.
The additional value to the property
owners who have registered their land
under the TorrenS act is shown by the
infallible rule OF dollars and cents, which,
taken from table prepared by the
Queensland Government, shows that from
1895 to 1889 the rate of interest on mort
cages has been 1 per cent, less for proper
ty registered under the Torrens System
than under the old system.
Another interesting fact is the great
number of mortgages issued for less than
$500. During the year 1899 there were 1,402
mortgages for $500. and 81 mortgages for
between $500 and $3.50, and 4S1 mortgages
for between $3.50 and $500, thus showing
the increased use that small property
owners We're making OF their real estate
as available collateral
SIMPLICITY AND GREATNESS.
THE transactions for the year 1889 show
that out Of 1l,IS9 transfers OF title $3.50
were made by simple endorsement on the
certificate issued by the land office. The
simplicity and cheapness of this form can
not fail to impress any one who has had
any practical experience with the cum
brous forms now in USE
Mr. Masse said that great interest was
being awakened by the articles on the
lished in the Evening Leader, and that he
was receiving numerous letters from coun-
ty land owners asking for information
about the workings OF the Torrens Sys-
tenn.