Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-05-21
REGARDS TORRENS LAW
AS BIG REALTY REFORM
""Il street journal HcrnIds Measure.
which Virginia Adopted. ns
Great Advancement.

i'y signing the amended Torrcns
law. Governor Whitman. Of New York
has put the seal Of executive approval
upon tho greatest realty reform OF
modern land law procedure. New York
has had so-callcd "'Torrens law
whose malefiicicncy has made it a
farce and the principle which II in
volvcd a travesty
1t is needless TO recall the opposi-
lions which have hampereh the law
and rendered nugatory it's essential
features. Register Hopper and Deputy
Register Faircb1Id and others have
deserved we'll OF the State for their
fight against great odds in favor OF
the law and changes which would
make ii workable. II is due largely
TO their efforts that influential bodies
have approved the changes.
II would seem folly to dispute the
wisdom OF principles indorsed by the
American Bar Association, the Bar AS
ISOLATION OF the City OF New York.
the Chamber OF Commerce OF the
state Of New York. the Citizens Blu
reau. the Bureau OF Municipal Re-
search. the state League Of Building
and Loan Associations and by many
local associations. commercial. real cs-
tate and economic.
-Four things were lacking in the New
York Torrens law: permanent reeistra-
ton; official examination OF t!tles: an
adequate guaranteed assurance fund.
and simplicity and speed Of procedure
with cheapness OF legal process and
OF realty registration. Coercion for
withdrawal OF registration can no
longer be forced by Interested parties
or corporations. Owners may now
choose between official examination at
fixed and moderate rates. or costly
title-company charges with so-called
ruarantcc--the State alone can guar
antee indefcnsibility OF titles
Simple procedure Is st!ll to be sought
on the lines of Torrens action In other
States While assurance fund pay
,nent is now made compulsory. il has
as yet been impossible 10 make the
law protectory by county guarantee
Of the assurance fund. In spite OF
strenuous opposition from sources that
have always fought a real Torrens law
the future will undoubtedly correct
this Inconsistency of proper Torrens
action.
Nebraska, South Carolina and Vir-
Einia adopted the Torrens principle in
it by popular vote, TO be ratified by tho
Legislature next year. The New Jer-
sey Senate passed the law this past
winter Public appreciation Of the
value OF Torrens principles is grow
ing.
New proof OF the need OF Torrens
processes has recently arisen. Owner
ship Of property valued at more than
ten millions of dollars was jcopardized
by the appearance of a claimant who
tied up realty transfers for months.
and might have compelled payments
by title companies of millions of dollars
as compensation for loss OF land. I'm
der Torrens principles such risks are
impossible
The Torrens law will do in New
York what Senior Judge Davis, OF the
Massachusetts, Land Court. says Il has
done in that State: Corrected certain
intolerable evils. proved convenient to
those who deal with the landowners.
mortgages. brokers and attorneys, les
sened the ultimate expense both public
and private, and added materially TO
the wealth of the community Wall
Street Journal