The Meeker herald., 1903-07-25
TORRENS SYSTEM ENACTED in
COLORADO LAND TITLE LAW

the release deed Of trust, or release OF
real estate mortgage, makes the proper
entry in the Register Of Titles.
charges the proper fee and issues TO
the owner q 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.
lhe purchaser at the sale, after the
OF the period Of redemption.
takes his trustees deed. or certified
copy of the decree of the court fore
closing the mortgage, and lilies 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
sufficient and proper In law to enforce.
con tinue, reduce, discharge or dissolve
like liens ON unregistered land.
This system simplities the method Of
dealing IL registered land belonging
to estates, anu makes such transac-
tons much safer. less expensive and
more expeditions than under the pres
ent system; and 1t 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 al
real estate will become registered
within one ge1ieration, or in about
thirty-Ave years after the enactment
of such provision.
The caution with which the TOrrens
law proceeds VITA every step taken
under 1t IL perhaps nowhere more
marked or better illustrated than In
tine provision for an indemnity or as
Burance fund.
Recognising the fallibiiitv 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 10 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 0ne-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 It In Colorado state, county or
municipal bonds, subject to the ap-
proval Of the court.
II loss occurs, or some one through
mistake ID deprived of his property,
recourse may be had on this fund and
the loss made good.
1t is q most remarkable fact. that
throughout the United States and Eng
and no losses have thus far been sus-
tained, Notwithstanding many billions
Of dollars worth Of property have al
ready been brought under the opera
tion Of this law.
The expense Of registering title
and securing q certificate Of owner
ship IL within the reach Of every real
estate owner, and IL but little. more
tnan the cost Of an ordinary transfer,
where an abstract IL provided, an at
torney's opinion obtained and few
ftaws in tho.title patched up. For ex-
ample: On property, the assessed value
of which Ia one thousand dollars, ihc
expenses of registration would be
about as follows:
Cost of abstract ABOUT. .......$ 100
District Cour. clerks fee lin
counties Of 100000. .......... 400
Registrars fee. filing application
(one-hulf to county,. .......... LOO
Publishing summons (abouU. 80. 500
Examiners fee (abouD. -. -. 1000
Assurance eund (O.1 Of l per cent
-$1,OOO LOU
Registrars fee Issuing certifi-
cate ................... 2.Oo
~. $29OO
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
as the Registrars additional filing fee,
one-half of which goes to the county.
In other words. the assessed value of
j the property is taken as the basis for
| the assurance fund fee. while the as
sessed valuation, exclusive Of improve
ments, IL taken as the basis for the
collection OF what may be called the
registrars original filing fee fund,
which II divided equally between the
registrar and the county.
" lille 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