The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-10-23


stract system man desires to Dor.
row some money quickly to save him,
perhaps from financial ruin; he goes
to the bank, the bank is afraid OF the
title the bank has no certain means
Of knowing especially at the moment.
perhaps by reason of not being able
to get the loan when he had landed
security he meets with financial ruin.
Now, the Torrens' system is the re
verse u is not a registration OF deeds
and evidence of title. it is an absolute
register OF title, First, however. there
must be trial to determine the
ownership and then all deeds are can
celled and ell except loans or liens
upon the land; a certificate is issued
TO the owner for the decree and aftol
that there is never but one outstand
ing certificate and that certificate
shows every condition of title. Any
man as soon as he sees the certifi
cate and ii Is marked 'Torrens' Land
knows that it is good It is Just rs
sound and as safe as buying a govern.
ment bond; in fact the Wall Street
Journal last spring said THAT the
Torrens' Land Certificate is the safest
security that could be made by law
| have but recently a letter from the
Governor General of Ontario, in one
of the provinces Of Canada, in whicn
he said: "Of all the many things OF
which we are proud in this province
we are most proud of our Torren's
Land Law Now, suppose the hold
er of a Torrens' Certificate desired tt
borrow some money upon a tract ol
100 acres of land, say $4,000 and he'd
90 to Representative Briggs bank
over there and say desire to borrow
10000 Mr., Briggs would say, is youi
land abstract land or Torrens'? Il
he should reply abstract Mr. Briggs
would say would like to submit thai
to my attorney first; and perhaps a
the end of a week he might get al
opinion and then refuse the loan, bu
il he said it's Torrens he would SAY
let me see the certificate The mo
ment he looked upon the certiflcat,
he knew every condition OF the It'll,
without single cent or expense. Now
the only thing he would want TO know
would be the kind OF land or abou
what the land was worth. If he knew
OF the land he would be ready then
as he would ever be, TO make the loan
because he would know the Who'll,
power Of the state was behind tha
property to protect the tule. Now
suppose he would loan the $4,000
the owner would have that certificate
cancelled on the clerks records aud
new one issued to the owner, whom
we will suppose to be Representative
Rainey here, on the face of that Ger
tiflcate issued to Raney, would bt
this statement: "G w. Briggs holds
first lien for the sum OF $4,000 oI
this tract OF land" Then If Mr.
Rainey would show that certificate /.
anyone IL could be seen easily what
he condition Of the lille is. that is /,
ssay hat Tie uNe in fee belonged t..
L. NJ Rainey, of Atoka but that q
w Briggs. Of Granite holds a firsi
lien of Si000n. Now suppose NJ
Raiucy 'al "A later date would desir,
to borrow 10000 ana he should so a
Representative Robert Johnson's banl
ia the town OF Cbickasha Mr. John
son would ask what kind of land is Il
"ahsuuct" or "Torrens?", MIR Raine,
would answer it is "Torrcns' The
he would ask to see the certificate
when Johnson looked al the certificate
he would know The condition OF tn
4 litlc and he only question that h,
would want 10 know is whether or no.
HE land would stand one more hun
I lrcd dollars. II he knew, from travel
/ ing over the land or from his person
al knowledge previously gaiued il q
ne valuable land he would be as ready
I then as he ever would be TO loan on
;hat piece OF land Should he maxi
The loan that certificate would be can
celled aud new one issued showing
/ that land belonged 10 r. NJ. Rainey,
| that the first lien was held by G. w.
Briggs for $4,000, and that second
lea was held by Robert II. Johnson
FOR $4,000 Now as Mr. Rainey paid
off thar lien the same process of can
| ceiling he certificate and the issu-
ance OF now ones eliminating the pay.
ments until all had been paid and no
liens existing, there would not be any
| MORTGAGES filed, but an liens would
show themselves on the face af the
cerlillcate The transfers made w0ald
cost the ordinary Zee Of 80 cents oy
| Sio0, OF getting certificates. of any
matter on copies OF ordinary certiff
Gates of any matter oi Fecbfd. II is
just simple, and indeed works on the
same plan OF transferring stock in q
corporation on the books Of the com
pany, except the land Is transferred
onthe books OF the Torrens' Laud Rec
ords by a bonded officer OF the state
usually made By the register Of deeds
Now opponents OF this system when
they make an argument against il thes
begin 10 recite that Il is declared un
constitutional In Illinois and Ohio
Yes, that is true. True because there
was some kind OF sympathy. IN ons
Instance, between iae lawyer and ih'