New-York tribune., 1908-02-16
FAVOR TORRENS BILL.
BIG CAMPAIGN PLANNED.
Realty Men Say Present Title Sys-
tenn Is Infatuated.

|
| stems have been taken by many leading real es-
ate men to bring about, If possible. the passage OF
tho bill drawn up and presented to the Legis-
| s,uro bv the majority committee of the Torrens
| land Title Commission. The Real Estate Board OF
Brokers' which led the original movement Tor re-
| vision OF the old laws for recording real estate
,tles will head the present movement through i'S
| legislation committee. AT meeting or the gov
.rnors of the Real Estate Board of Brokers OF ths
ity held last Tuesday the committee on legislation
and taxation reported that it had considered care
fully the bill for land itle registration drafted oy
| the majority committee of the commission ana was
| heartily In favor of II. resolution was tleh
adopted to the effect that the present antlquateo
system of land title registration should be chansea
and that all persons interested in real estate mat
ers Join them in supporting the Dill
Another resolution, that committee or one nun
| dred or more persons to advocate the passage oA
| the bill be formed was adopted The executise
board of this committee, which will be called the
land title registration committee, is as Ioho"s'
Can1illus G. Kidder. chairman D. A Ciai ASo'
treasurer Ralph Folks. secretary, and T. u Ayie''
j. c. Davies S. V. Lowell. Alfred G. Boui'on' Alex
ander Bacon A. B. Doran, a. n. Gitterman W. ~
seph Harson William D. Nper, Ezra T. Prentce'
A. G. Reeves, r. P. Ryan. E. A. TredWeil ana u
w. Thompson. vice-chairmen
-rh. committee will comprise delegates from an
civic bodies interested In real estate nancy 'n'
exchanges brokers' boards. local taxpayers aSSo
Citations Improvement associations, banks, lnsur-
ance companies, boards of trade and similar ooue
Associations in favor Of the bill and which are ~
srous OF becoming members OF the coiiiii'
should send a letter A N Gitterman' secretaiS
of the legislative committee of the Real Estate
Road of Brokers' No 156 Broadway, or to hailh
Folks No % William street
The land title registration committee issued yes
serday the following statement In regard 10 ING
bill:
The bill which the united real estate interests
Reeves of the New York University Law ochooi. Dol
He was assisted by other members OF h Ihe
Governors commission namely D4xid . p peai Al Estate
chairman who is president ,"n or ,T md Mr.
FSiHsi ESnFa of Brokers' 'uS'1V@ '" " ,. Of
Lawyers and real estate brokers in all parts OF
favor OF the proposed law: Inc en-! Wpo vp
are concerned in the protection of the t1e Gem, }d
panies The primary objects 70 seiy De and Ger
tainiy of titles the avoidance OF long d M readV
market both for real estate and the title Ger
tihcates in the way CT collateral Inc foI
of the proposed law may be summarizes 5e as i1 Of
lows Any who is about TO acquire pleee fi oi
real prcpeTy has the te ta sS yor a is done
at present The examiner may be lawyer or d d
to be prescribed by the Court of Appeals The ofl
cal examiner having ascertaned the exact 1iSlots
thereof in the form prescribed by the law He has
ihoI r" this I pont no puIlic Official as such
has been employed.
The title may pass in the ordinary way, and
the possession the land with it will be praeti-
cally UNAFFECTED by subsequent proce.dlnss lof MS
a complaint with the certificate alreaoE made by
dency of the proceedings. These papers so TO the
Supreme Courc and are examined carefuiiy II u
issuing and service Of summons and d notice
court. The summons ana notice are served per
sonally all the defendants who do not volun-
pecially rhos,: outside the state they are served
by publication. The defendants include all persons
ascerained TO have any interest or right in y claim
upon the property
of registration is attained Pursuant to that judg-
ment the register enters upon a certificate. pIop-
the owner CT the land, statement of how and
under what conditions he owns it, and descrlp-
rights and Claims thereof This certificate com
property duplicate certificate IS deliSered to the
owner All subsequent tTansae,ors with the prop
in order to become effectual.
The Judgment of the court has made this certih-
cate conclusive evidence IN favor OF any who
is an innocent IT. purchaser Of the property for value
Of the owners title "a, the end Of six months alter
the judgment is entered. A certificate obtained by
Of such a system readiS appear in considerns the
raise money quickly. He can use his certificate
mortgage within Il few hours. Such transactions
have. have ia tsksn place & in Massaehusetts ass, and hun
similar statutes has been sustained by the highest
fornia and Colorado. The careful study of the
constitutions of the United States and OF New York
In the majority Of eases lawyers would be well
paid at the rate of $50 for registering title after
It had been thoroughly examined and made ready
for the court proceedings. Registration in such a
case would be completed in two months.
Commissioner Folks has made an exhaustive ex-
animation of the system in MASSACHUSETTS,. He
finds that insurance companies. savings banks and
other large loaning institutions uniformly in
favor of the Torrens law. Among the of real
estate interests there is doubt of the TorrenS
system g popularity In Boston large number of the
real estate owners being registered. The prop
erty consists of apartments private dwelling
houses. business houses and all of misceane-
Gus buildings. in the most valuable section of
Boston around State and Washington streets, there
has been but little registration. ard there have
also been but few sales in that locality II WAS
admitted by all interviewed that the Land Court
OF the State of Ma chuSetts is a step advance
and that II is very useful secure an effective
title 1t was impossible to obtain any inforna ton
that the system had caused Inconvenience. injus-
tiCe. hardship otherwise. o that il had been
used for q fraudulent purpose.
In Illinois the TorrenS Sy' tenn is meeting with
increased success. Some Of the largest financial
interests are using it entirely in preference to the
old method AMI owners of business property are
taking it up more generally. 1t is in grent favor
however. with the owners Of lots and small houses
in the outlying districts.