Gilpin observer., 1903-07-23
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 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, ,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 simplities 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 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-fve years after the enactment
of such a 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 fallibility 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 it 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.
Tne expense q registering a title
and securing a 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. .......$ 200
District Courl clerks fee Gn
counties Of 10000. ......... 800
Registrars fee, filing application
(one-half to county. ........!. LOO
Publishing summons (abOuD.... 500
Examiners fee about. 1000
Assurance fund (O1 of 1 per cent
$1,000 ............ ...........: LOO
Registrars fee Issuing certif-
cate) .................. 200
$1,000