The Grit-advocate., 1903-07-24
TORRENS SYSTEM ENACTED IN
COLORADO LAND TITLE LAW


real estate mortgage. makes the proper
entry in the Register of Titles,
charges the proper fee and issues to
the owner new certificate of title.
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.
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 new
| owners duplicate certificate OF title.
| All attachments. liens and rights OF
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 sinplitics the method OF
dealing in registered land belonging
| to estates, and makes such transac-
tons much safer. less expensive and
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-tye years after the enactment
| Of such provision.
The caution with which the Torrens
law proceeds with every step taken
under it is perhaps nowhere more
marked or better illustrated than in
the provision for an indemnity or as
surance fund.
Recognizing the falliblitv of all hui
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 a 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.
If 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 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 a 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
torney's opinion obtained and a 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 as follows:
Cost of abstract about. .....$ 100
District Court clerks fee lin
counties Of 100000 .......... 800
Registrars fee, filing application
(one-half to county. :. ......e.. 100
Publishing summons (aboup.... 500
Examiners fee about. ....-.... 1000
Assurance fund O.1 Of l per cent
$1,000, Observation-Disclosures. 100
Registrars fee Gssuing certif-
cate) ................... 2.oo