The Elk Mountain pilot., 1903-07-21
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 n 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
| foreclose;i iii tile sHiiie manner us
J though the title was not registered.
i he 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 Il 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 i'll law to enforce,
continue. reduce. discharge or dissolve
| like liens on unregistered land.
This system simpllties 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
cnt system: and it is safe to predict
| that IL will not he 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 provision
The caution with which the Torrens
law proceeds with every step taken
under il is perhaps nowhere more
I f..1 t1ak n
the provision for an indemnity or as
Eurance 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 bc 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 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 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 n loss occurs. or some one through
mistake is deprived of his property.
recourse may be had on this fund ana
the loss made good.
1t il 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.
| 1ne EXPENSE of registering II title
and securing n certificate of owner
snip 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
nawS In the title pntcned up. For OK
ample: On property. the assessed value
of which is one thousand dollars. the
| expenses of registration would be
about Ms follows:
Cost of abstract tabouD. ..-..-.S 100
| District Cour. clerks fee Tin
| counties of lOOoW. ........... 300
Registrars fee. filing application
| (onc-half to county,. 100
Publishing summons (aboutj.. J.GO
| Examiners fee (abonp. ......... 1000
Assurance fund W.1 of l per cent
| 81 .WNl ............--- lop
Registrars fee Gssuing ccrtih-
| cate ..........-..-. 2.oo
$1,000
| Where the assessed valuation of the
property exceeds one thousand dollars.
| one dollar should he 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
scssed value of the property. exclu-
| sive of improvements. should he added
rs the Registrars additional filing fee.
one-half of which goes to the county.
| In other words. the assessed value of
| the property Is taken as the basis for
| the assurance fund fee. while the as
sessed valuation. exclusive of improve
ments. is taken as the basis for the
collection of what may he called the
registrars original filing fee fund.
which is divided equally between the
registrar and the county.
v, hile the law is intended to be so
plain and simple that any person of
| ordinary intelligence can conduct the
registration of his own title. If 1t Is
not complicntcd; nevertheless. where
the property Is valuable. in this as in
All other legal matters. it will be
safer and in the end far better to have
the proceedings conducted by Il com
petent and careful attorney; and in
that case his fee must. of course, be
! added to the above.