The Elbert County tribune., 1903-07-23

according to the terms OF the trust
deed or mortgage, the Instrument is
foreclosed in the same manner as
though the title was not registered.
The purchaser at the sale. after the
expiration of the period OF redemption.
takes his trustees deed, or certified
copy OF the decree of the court fore
closing the mortgage. and files that
with the registrar and obtains n new
owners duplicate certificate of title.
All attachments. liens and rights of
every description shall be enforced.
continued, reduced. .dischargedand dis
solved by any proceeding or method
sufficient and proper in law to enforce.
continue, reduce. discharge or dissolve
like liens on unregistered land.
This system simpllfies the method of
dealing in registered land belonging
to estates, and makes such transac-
tions much safer, less expensive and
more expeditions than under the pres
ent system. and it Is safe TO predict
that II will not be many years before
many of the states will again follow
the lead of Illinois and compel the
registration of all land belonging TO
estates. In that way practically all
real estate will become registered
within one generation, or in about
thlrty-fiye years after the enactment
Of such provision.
The caution with which the Torrens
law proceeds with every step taken
under II is perhaps nowhere more
marked or better Illustrated than In
the provision for an indemnity or as
surance fund.
Recognizing the fallIbilltv OF all hu-
man efforts, and acting upon the know
ledge that in the administration of all
laws some error will be found and
some injustice done, provision has
been made for the correction of any
mistakes by recourse upon this fund.
The fund is created by the payment.
at the time of original registration.
and again when the real estate passes
by descent or devise, of small fee:
In our law and most Of the other
states, this payment is one-tenth of
one per cent. of the assessed value OF
the property on the basis of the last
assessment for general taxation. The
money is paid to the Registrar. and by
him Immediately paid over to the
county treasurer. who is required to
invest 1t in Colorado state. county or
municipal bonds, subject to the ap
proval of the court.
IL loss occurs, or some one through
mistake is deprived of his property,
recourse may be had on this fund and
the loss made good.
1t is most remarkable fact. that
throughout the United States and Eng
and no losses have thus far been sus-
tanned, Notwithstanding many billions
of dollars worth of property have al
ready been brought under the opera
ton of this law.
Tne expense of registering title
and securing n certificate of owner
ship is within the reach Of every real
estate owner, and is but little more
tnan the cost of an. ordinary transfer,
where an abstract Is provided, an at
torney's opinion obtained and n few
flaws In the title patched up. For ex-
ample: On property. the assessed value
of which is one thousand dollars. the
expenses of registration would be
about us follows:
Cost of abstract about. .......S 100
District Cour. clerks fee lin
counties of 10000. .......... 800
Registrars fee, filing application
(one-half TO county,. ...-...s.. LOO
Publishing summons (abouU.... 500
Examiners fee about. -, -. 1000
Assurance fund (O.1 of ! per cent
$1,000 observation-disclosures. LOO
Registrars fee Issuing certif-
cate 200
$500
Where the assessed valuation OF the
property exceeds one thousand dollars,
one dollar should be added to the
above sum for each additional one
thousand dollars as an assurance
fund; and twenty-five cents upon each
additional thousand dollars of the as
sessed value of the property, exclu-
sive of improvements. should be added
us the Registrars additional filing fee,
one-half of which goes TO the county.
In other words. the assessed value of
the property is taken as the basis for
the assurance fund fee. while the as
sessed valuation, exclusive of Improve
ments, is taken as the basis for the
collection OF what may be called the
registrars original filing fee fund,
which is divided equally between the
registrar and the county.
w hile the law is intended to be so
plain and simple that any person of
ordinary intelligence can conduct the
registration Of his own title, II 1t is
not complicated: nevertheless. where
the property is valuable. in this as in
all other legal matters, 1t will be
safer and In the end far better to have
the proceedings conducted by COM
petent ana cafelul attorney, anu IN
that case his fee must, Of course, be
added to the above.
The immediate effect OF registering
title is to make the property quick
asset The title is made absolutely
perfect, and It always remains so. The
county itself becomes In reality the In
surer of the title. The value Of the
land is enhanced by making 1t more
available as an investment 1t may be
sold or mortgaged in the time 1t takes
to make out deed, go to the court
house. file IT, surrender the certificate
and obtain a new one.
The register shows right on the
face of 1t, and everybody can at