The Springfield herald., 1903-07-24

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the owner new certificate of tltle.
In case of the debtors failure TO pay,
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.
lie purchaser at the sale. after the
expiration of the period of redemption.
takes his trustees deed, or certihed
copy of the decree of the court fore
closing the mortgage, and files That
with the registrar and obtains new
owners duplicate. certificate of title.
All attachments, liens and rights of
every description shall be enforced,
continued, reduced dischargedan and 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 simplities the method OF
dealing in registered land belonging
to estates, anu makes such transac-
tions much safer, less expensive ana
more expeditions than under the pres
ent system; and it is safe to predict
that it 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
thirty-five years after the enactment
of such Il provision.
The caution with which the Torrens
law proceeds win every step taken
under it is perhaps nowhere more
marked or better illustrated thar in
the provision for an indemnity or as
surance fund.
Recognizing the fallibilitv of all hu-
man efforts, and acting upon the know
ledge that in the administration of all
laws some error will be found anu
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 IL small fee;
in our law and most of the other
states, this payment is one-tenth of
one per cent. of the assessed value or
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 it in Colorado state, county or
municipal bonds, subject to the APP
proyal of the court.
If loss occurs, or some one through
mistake is deprived of his property.
recourse may be had on this FUND anu
the loss made good
1t is a 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.
The expense of registering title
and securing 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
torneys opinion obtained and a few
flaws i'll the title patched up. For en-
ample: on property, the assessed value
of which is one thousand dollars, The
expenses of registration would be
about as follows:
Cost of abstract about ......S 100
District Cour. clerks fee lin
counties of 100000. W........... 300
Registrars fee. filing applicau IN
(onc-half to county,. y.......... 100
Publishing summons about. 80. 300
Examiners fee CabouO..., 80. 1000
Assurance fund CO.1 of l per cent
Sl,OOOj .....--'-.. .....'....'' l'Vp
Registrars fee issuing certiii-
cotcl 200
$1,000
Where the assessed valuation of the
property exceeds one thousand dollars,
one dollar should be added 10 the
above sum for each additional one
thousand dollars "a an assurance
| fund; and twenty-five cents upon each
/ additional thousand dollars of tire as
sessed value of the property, eNclu-
sive of improvements. should be added
as the Registrars additional filing fee.
one-half of which goes TO the county.
In other words, the assessed value of
| ~, iS foil uS tho I'm sis for