Rocky Ford enterprise., 1903-07-24
TORRENS SYSTEM ENACTED IN
COLORADO LAND TITLE LAW

every description shall be enforced.
continued. reduced, discharged 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 simplliies the method of
dealing In registered land belonging
To estates, and makes such transac-
tions much safer, less expensive aud
more expeditions than under the pres
ent SYSTEM; and IL Is safe 10 predict
that 1t viii 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 viii become registered
within one generation. or In about
thirty-hve years after the enactment
OF such provision.
The caution with which the Torrcns
law proceeds VITA every step taken
under IL IL perhaps nowhere more
marked or better illustrated Than In
the provision for an indemnity or AS
surance fund.
man efforts. and acting upon the know
ledge that In the administration OF ail
laws some error wiii be found ana
some injustice done. provision has
been made for the correction OF any
mistakes by recourse upon this fund.
The fund Is created 10y the payment.
ut the time OF original registration.
and again when the real estate passes
by descent or devise. OF small Zee:
Ia 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. aud 10y
him Immediately paid over to the
county treasurer. who is required to
Invest IL In Colorado state. county or
municipal bonds. subject To the mp
proyai OF III. court.
| II n loss occurs, or some one through
mistake Is deprived OF his property.
recourse may be Ind GU this fund and
the loss made good.
IL ik n most remarkable fact. that
throughout the United States and Eng
and no losses have thus far been sus-
taincd. notwithstandin; many billions
OF dollars worth OF property have nj
ready been brought under the opera
tion OF this law.
1nc expense OF registering title
aud securing certificate OF owner
ship Is within the reach OF every real
estate owner. aud IL but little more
tnnn til. cos, OF an ordinary transfer.
where an abstract IN provided. nm nt-
torncy's opinion obtained and n few
naws In the title paicacd up. For ex-
ample: on property. the assessed vniu"
OF which II one thousand dollars. the
expenses OF registration would De
about ms follows:
Cost OF abstract about. ......S 800
District Cour. clerks Zee lin
counties or ju.HDi. i............ 900
Registrars Zee. iiilns application
(onc-half to county. l........ leo
Publishing summons tabouu. -. 500
Examiners Zee ,abouu. ........ 1000
Assurance fund to.i OF l per cent
| -SlNb, -.................. lep
Registrars fee dssulns ccrtin-
catJ ................... ..up
s:ooo
where the assessed valuation OF the
properly exceeds one thousand dollars.
one dollar should bc added TO the
aboyv sum for each additional one
thousand dollars ns nn assurance
fund: and twenty-five cents upon each
additional thousand dollars OF the ps.
scsscd value OF the property. cSclu.
slvc Of improvements. should bc added
as the Registrars additional fllng Zee.
onc-hilf OF which goes to the county.
In other words. the assessed value OF
the property Is taken rs the basis for
the assurance fund Zee. while the MS.
scsscd valuation, exclusive OF improve
mcntr. IL taken as the basis FOR the
collection OF what may he called the
registrars original Hing Fee fund.
wlici, Is divided equally between the
registrar and the county.
" hiic the law i Intended to be so
plain and simple that any person OF
I.... a
registration OF his own title, II IL is
not complicated: nevertheless. where
tnc property * valuable. In this rs In
nil other legal matters. II viii be
safer and In the end FAR better to have
the proceedings conducted by com
pctcnt and careful attorney: and In
that ease his fee must, of course. he
added to the above.
The immediate effect OF registering
a title IL to make the property n quick
asset. The title IL made absolutely
perfect. and 1t always remains so. The
county itself becomes In reality the in
surcr OF the title. The viilue of the
land Is enhanced by making 1t more
available MS an Investment. II may be
sold or mortgaged IN the time II takes
to mike out "A decd. go TO the court
house. file II. surrender the certificate
and obtain new one.
| The register shows right on the
face OF 1t, and everybody can at a
glance see the exact condition Of the
title Of any piece of real estate; that
is. who actually owns the property.
and just what liens or incumbranccs
IL any, there are on IL.
Our present system Is expensive and
incurs great delay and insecurity in
dealing with real estate. While under
the Torrens system the expense Is
nominal. the title is absolute and deal
ings of all kinds are greatly facili-
tated. Eventually the law Will oper-
ate TO dispense with the necessity OF
all abstracts of title and all title guar
anty companies.
But as every initial registration re-
luires complete abstract, and the
law will come into use very slowly
and gradually, being purely voluntary
and optional with the people. 1t will
be many years before the abstracters
will experience any perceptible dimin-
utioD in their business by reason OF
this INV.
Evesy one Interested In real estate
should carefully read and In fact
study the act itself The law Is such