Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-04-27
THE ToRRENs SYSTEM
Comprehensive Statement Of What IL
Means and How IL Works,

Comprehensive Statement Of What IL
Means and How IL Works.
The Wall Street Journal, one Of the
leading business newspapers Of Amer
lea, Is convinced that modern civil
ization demands Torrens methods and
Torrens legislation" Land, 1t says, is
| the fundamental Of wealth; and be-
cause this Is true the history of the
human race is the history Of a strug-
gle on the part Of mankind to pro-
tect land and to assure possession of
1t for himself and his descendants
as civilization has become more COM
plex, and as delays in business ac-
tions have become in consequence
costlier, the cumbersomeness Of the
old methods of establishing and trans
ferring titles has grown increasingly
burdensome. The demand for a
simple system existed even before Sir
Robert Torrens evolved that which
bears his name. The spread Of the
Torrens system has been due to a
recognition Of its practicability. 1t
cuts the Gordian knots Of land juris-
prudence and furnishes q trenchant
instrument, which, after its use as
weapon. can be turned into the
ploughshare Of modern economic
life."
The reasons which have led this
able financial journal to such a con-
clusion are set forth in q series of
sixteen articles the last of which has
just appeared. In these articles, the
history Of Torrens land registration
acts is reviewed, the workings Of the
system in actual operation are dis
cussed, the objections legal and 9TH
erwise, which have been raised in
opposition to it are considered. A
reading Of these articles 10 convinc-
ing. The opposition to the Torrens
system, an opposition founded large
ly upon the self-interest Of title COM
panies and owing such successes as 1t
has achieved to the ignorance Of the
public, is crumbling. 1t cannot pros
per indefinitely. The Torrens system
has proved its benefits. 1t has been
put to the test under the most ad-
verse conditions and has establish
ed its practicability and its advan-
tages. These are obvious. TT
abolishes endless fees 1t eliminates
repeated examinations Of titles. 1t
reduces records enormously. 1t in
stantly reveals ownership. 1t pro-
tects against encumberances not noted
on the Torrens certificate. It makes
fraud almost impossible. It assures.
1t keeps up the system without add
ing to the burden Of taxation, The
benefcaries Of the system pay the
fees. 1t eliminates tax titles 1t
furnishes state title insurance instead
Of preferred title insurance. It makes
possible the transfer of titles or Of
loans within the compass of hours in
stead Of a matter Of days and weeks.
Transfer and registration can be re-
duced to 81.
This last claim for the Torrens sys-
tenn, that 1t makes possible the trans
fer-of loanssasHy and promptly,
should prove an especially effective
argument for it in this section of the
United States The new banking laws
are far more liberal as 70 land loans
than those which formerly prevailed
in this country. But under the pres
ent complex and unsafe system Of es-
tablishing and maintaining titles,
those who have money to lend are
not eager to accept land as security.
The Torrens system would not only
make possible for the poor man a
simple and cheap transfer of his
property" but, says the Wall Street
Journal, ut will reduce the mortgage
situation to one Of cheapness and one
Of speed. Banks will not refuse
mortgages nor will they charge 5
and 6 per cent for loans on mortgages
instead Of to per cent for loans on
securities. The fault is the difficulty
Of the title examination, the search,
time, expense and uncertainty Of the
present system. When policies are
when, as in fire insurance,
they are standardized, when they are
and when they are cheap
there will come a change in the realty
situation and hardly before. This Is
what the Torrens system means"
Those who block the adoption OF
the Torrens system are largely re-
soponsible for the fact that loans
cost so much in the south. There is
no good reason why the rate on
should be so much higher than
1t is in many other places except that
land, which forms the basis of our
security, cannot be transferred in this
section certainly and expeditiously.
Make that possible-and this Is just
what the Torrens system would ac-
complish-and not only would the
value Of land show an immediate in
crease but its acceptability as securi-
ty for loans would be 80 enhanced as
promptly to bring down the rate Of
interest charged on such loans.
The cocaine and morphine flends
Of Decatur street, says an Atlanta,