The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-10-03

AGNtAtiA aim " AOOo ~ ONNA anu ANh0NA
an opinion al to the title. The law
yer does. so and gives an opinion that
may be good and It may be absolute
" worthless; the man goes upon the
land. Iperhaps Il is uuimproved) he
builds a home upon II and after he
is fixed and feels that he is safety
anchored once IN a home. Years rolled
By; a defect in the titlc is discovered;
the real owner sued him for posscs-
sion be goes Into court, Is defeated
in the first trial, be sells some Of his
personal property and appeals the
case and hires additional counsel; he
| loses again and goes to the supreme
court where he loses not only the per-
sonai property which he had to spend
for attcrncy's fees and court costs, but
loses, his case and his home. This is
| moi cverdrawn. hundreds Of occur
rences of this kind have happened, it
is not an exception even TO the rule,
il is the rule, Again, under the alb
siraci system man desires to bor-
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 10y reason of not being able
to get the loan when he had landed
security he meets with financial ruin.
Now, the Towens' system is the re-
verse it is a registration Of deeds
and evidence Of title It is an absolute
register of title First, however, the-e
must be n trial to determine the
ownership and then all deeds are can,
cclled and all except loans or liens
upon the land; certificate is issued
to the owner for the decree and after
that there is never but one ouistand-
ing certificate and that certificate
shows every condition Of title. Any
man as soon as he sees the certifl.
cate and Il is marked "TOrrens' Land
knows that II 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 which
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 10
borrow some money upon q tract OF
100 acres of land, say $4,000 and he'd
go to representative Briggs bank
over there and say | desire to borrow
100000. Mr.. Briggs would say, is your
land abstract land or Torrens'?' II
he should reply abstract Mr. Briggs
would say would like to submit that
to my attorney first; and perhaps at
the end of week he might get an
opinion and then refuse the loan, but
! if 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 If he knew
Of the land he would be ready then,
as nc would ever be, TO make the loan
| because he would know the whole
| power OF the state was behind that
| property to protect the title. Now
suppose he would loan the $4,000,
\ the owner would have that certificate
cancelled on the clerks records and
new one issued to the owner, whom
we viii suppose TO be Reiresentatiye
Rainey here. on the face OF that GER
tificate issued to Rainey, would be
| this statement: &c. w. Briggs holds
first lien for the sum OF $4,000 on
this tract OF land." Then II Mr.
Rainuy would show that certificate %
anyone II could be seen easily what
tho condition OF the title Is, that is -
say, that the title in fee belonged 10
r. M. Rainey, of Atoka, but that G..
/ w. Briggs, of Granite, holds first
lien Of 10000. Now suppose Nj.
Rainey al later date would desire
80 borrow $4,000 and he should go 20
Representative Robert Johnsons bank
in the town Of Chckasha. Mr.. John
son would ask what kind Of land is H.,
abstract" or "TOrrens'2' Mr. Rainey
would answer II is "Torrens.' Then
he would ask to see the certificate.
when Johnson looked at the certificate
ne would know the condition OF the
lille and the only question that he
would want 10 know is whether or not
the land would stand one more hun
lred dollars. Il he knew, from travel
ing over The land or from his person
Al knowledge previously gained, it 20
De 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 gan
ceiled and q new one issued showing
thai land belonged to r. N. Rainey
that the first lien was held by g. w
Briggs for 10000, and that a second
lien was held by Robert II, johnson
for $4,000. Now as MIR Rainey paid
off that lien the same process Of can
ceiling the certificate and the issu
ance Of new ones eliminating the pay
ments until ali had been paid and ma
liens existing there would not be any
mortgages filed. but all liens would
show themselves on the face OF th'
certificate. The transfers made wouid
cost The ordinary fee OF 50 cents ol
$500. OF getting certificates OF aus
natter or copies Of ordinary eeriifi
Gates of any matter OF record. 81 Il
s,,et rtn,ufe, aud indapd tvorife On 4 NJ