The sun. (Jacksonville, Fla.) 1905-1908, 1906-10-27


necessary custom has produced abstract companies
which make business of examining the records
and keeping up with the titles by keeping irdices
and other n0tations OF transfers Of real estate,
which enables them to furnish a complete chain OF
title. This abstractng business has grown to such
an extent that 1t is q very serious burden upon
property owners. No man can make deed to or
mortgage on any piece of property nowadays un-
less he furnishes an abstract made by some alb
stractor OF recognized reliability. This abstract
itself Is uninteligble to person unframed In this
particular branch, and after the property owner
who wishes to dispose Of his property by deed or
mortgage has paid fee TO the abstract Office, he
is further required by the intending purchases or
prospective money lender to pay for the services OF
lawyer to pass upon the abstract.
Abstract 'companies and professional abstractors
do a thriving business in this state and lawyers,
derive small part of their income from the busi
ness OF passing on the correctness of abstracts <
The legislature Of the state has passed an act
governing the fees to be charged ny abstract COM
panies. This act allows q, certain amount for each
entry of transfer on the abstract instrument and
IS additional for certifying to the correctness Of It.
1t is profitable business this making ofabstracts
because the title has to be traced back to the orig
inal grantors, the Spanish government or the
United States government and thus gives the OPP
p0rtunity for the entry of many transfers. This
specially legalized privilege has been very much
abused In practice by the abstract companies and
abstractors generally For examp.e:s "A man may
acquire title TO piece of property the first day OF
January. The first day OF April he may give
mortgage for three years When the mortgage Is
due he pays It. The giving OF the mortgage and
the cancellation of the mortgage are both entered
on the records. The abstractor, In examining the
records, finds both entries and enters both the
mortgage and the cancellation on the abstract,
charging the legalized fee for each entry. There
is no necessity for this as one Offsets the other
and the intending purchaser does not care for
~
the time of his purchase. But all the entries APP
pear at so much an entry.
The average cost of an abstract Is $50. The law
yer usually charges $25 for his examination. These
fees are paid OF course. by the owner OF the prop
erty, whether he seeks to make a sale or to Dor.
row money, Often times man may want to b0r-
row only small! amount OF money and the alb
stract and attorneys fees absorb a considerable
percentage of his intended loan. M CIV Sg a II
ut is bad enough, the system now obtaining for
recording and showing land titles. in counties
where there is competition. There is some chance
for q land owner to regulate the price by getting
one abstract company to bid against another. But
in those counties where abstract companies have
q monopoly It is ten times worse In those coun-
ties every one pays tribute to the abstract com
pany. E.% h, x, s t,.
Conditions like these, prevailing in oil the
states, have invited the people to search for n
better, less cumbersome and, above all. less OK
pensive system. The solution OF the problem has
been found in the Torrens system Of land registra-
tion which has been adopted In Illinois. Massachu-
sets, California, Minnesota, Oregon, Hawaii and
the, PHILIPPINES. Preliminary legislative action
leading to its adoption has been taken In Arian-,
cas-, District of Columbia, Georgia, Iowa, Louis
lana, Maryland, Michigan, Missouri. Montana,
North Dakota. Ohio. New York, Utah, Virginia.
Wisconsin, Nebraska, Rhode Island, and Porto
Rico Discussions favorable to its adoption have
been held by Bar Associations and other public
bodies in the states Of Mississippi. Pennsylvania.
Kentucky, Maine Washington and West Virginia.
From this 1t appears that "a states out OF the
4C have become interested In the necessity for
change in the manner Of recording land titles TO
the extent of either substituting or taking the
steps leading to substituting the Torrens system
for the present system This system was adopted
in England partially in 1862. and finally in 1897.
Registration under the TOrrens system was made
compulsory in London on May 1.1901. The adop-
ton Of this system in eight states OF the union
and It's discussion by the legislatures Of eighteen
other states was not done without opposition from
lawyers and abstractors who contested the consti,
AZ. a., ~ M 49,