The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-10-10
THE TORRENS
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ne should reply abstract Mr. Briggs
would say ] would like to submit tkat
10 my attorney first; and perhaps al
the end OF week he might get an
opinion and then refuse the loan, but
n he said it's Torrens' he would say
let me see the certificate. The mo.
ment he looked upon the certificate
| he knew every condition OF the title
without a single cent or expense. Now,
the only thing he would want to know
would be the kind OF land or about
what the land was worth. IL he knew
Of the land he would be ready then,
as he would ever be. to make the loan
because he would know the whole
/ power ,of the state was behind that
! property to p'0 ect the title Now
suppose he you'd loan The 800 90.
| the ownel VCpd have thas certificate
cancelled % Tie "legs's records and a
new ore iss'pd 20 the owner. whom
we will suppose 10 be Representative
Rainey here, on the face of that Ger.
tificate Issued to Rainey, would be
this statement: &c. W. Briggs holds
first Hen for the sum Of $4,000 on
/ this tract Of land" Then II flr.
Rainey would show that certificate ID
anyone II could be seen easily what
the condition of the title is. that is to
say. that the title in fee belonged To
r. M. Rainey, of Atoka. but that G.
w. Briggs, of Granite, holds first
lien of 10000 Now suppose NJ.
Rainey at a later date would desire
TO borrow $4,000 and he should 20 20
Representative Robert Johnsons bank
in the town OF Chiokasha. Mr. John
son would ask what kind of land is 1t,
abstract" or "Torrens'?" Mr. Rainey
would answer il is "Torrens" Then
he would ask 10 see the certificate,
when Johnson looked at the certificate
he would know the condition OF the
title and the only question that he
would want to know is whether or not
the land would stand one more hun
1red dollars. II he knew, from travel
Ing over the land or from his person
al knowledge previously gained, II 70
be valuable land he would be as ready
then as he ever would be TO loan on
that piece Of land. Should he make
the loan that certificate would be can
oelled and a new one issued showing
that land belonged to r. NJ. Rainey
that the first lien was held by G. w
Briggs for $4,000, and that second
lien was held by Robert II. Johnson
for $4,000. Now as Mr. Rainey paid
off that lien The same process of can
ceiling the certificate and the issu-
ance or new ones eliminating the pay
ments until all had been paid and no
liens existing,l there would not be any
mi ftoU l4H al
show themselves on the face OF the
certificate. The transfers made would
cost the ordinary fee of 80 cents Or
S1.00, OF getting certificates OF any
matter or copies of ordinary certifi-
Gates CT any matter OF record. II is
Just simple, and indeed works on the
same plan 6fHtransferring stock in
corporation on the books of the com
pany. except the land is transferred
onthe books OF the Torrens' Land 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 1t they
begin to recite that IT is declared un-
constitutional in Illlnois and Ohio
Yes, that is true. True because there
instance, between the lawyer and the
court; in others because the state con
stitution, but II has been tested before
the supreme court of Massachusetts
and has gone to the supreme court OF
the United States in the case where
In the supreme court OF the United
States has said that it complied with
the due process OF law of the land
and that II did not violate the consii-
tuition OF the United States, If II did
not violate the constitution of the
state. Il was declared unconstitn-
tional in Illinois because there was iu
dicial powers placed upon the clerk,
although It is iE force in a defective
way in Cook county, Illinois, and yet
! hold before me a book from a real
estate dealer of Illinois In which there
are the names OF some 300 business
men. bankers, real estate dealers,
railroad magnates, capitalists and
other citizens of Chicago all stating
that they were satisfied with the Tor
rens' land certificate under the iii
nois plan. even in its defective form.
Railroad presidents say in this book
let that they would accept a Torrens'
land certificate In preference to war
ranty deed backed up by bond TO
guarantee title because Il Is safer and
as you know bonds are supposed 10
be the safest thing in the business
world
Now word as to why the cOnstita-
ton OF Oklahoma should be amended
and want to say in that connection I
that from Inc floor OF the SequoYah I
convention had this provision put in
to the Sequoyah constitution. FVom
the floor OF the constitutional oonyen.
tlon Of Oklahoma tried to have il
put into the constitution OF our state I
but failed because I didn't have votes
enough TO establish the system
rightly requires The establishment of
court. If necessary, with power of |
both original and supreme jurisdiction 4
a 6oari Tor that, specfie work. II re 3
quires. the express anihoFity OF coma
fefring certain semiludicial functions
upon the keeper OF the titles; il re. 1
quires express authority for the state I
TO guarantee title. All of these diff /
ferent requirements are at least 4