New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-29
NOT One 1oRRENS
TITLE RECORDED
,uended Act Has Not Yet
resulted in Registra-
tion of a Deed
TOPPER STATES WHY
CONDITION PREVAILS
rost of Initial Expense and
Long Court Proceed
ings the Cause

\. registration Of title has as yet
-, msde under the Torrens act, as
-,,sed by the last Legislature. The
.,,ipsl reasons for this, says John
Hopper. Register Of New York
,,,,.v. are the high cost of the initial
.-;.,rstion and the length of time re-
.gir,d 10 complete the court proceed
AS.
srbsre are three things which remain
q, he amended before the New York
royrens law can become a commercial
,s,,sss." added Register Hopper. "They
-: Simplify the court procedure after
10 Massachusetts, model, shortening
he time and reducing the initial cost;
-ske searching and examination Of
titles exclusively official, and place the
cate county back Of the assurance
fund 10 establish public confidence.
. Amendments embodying these nee
,,.sry changes have been prepared and
vii be presented at the or"aing Of the
1911 session Of the Legislature.
SThe amendments Of 1915 corrected
On, Of the four fundamental faults Of
he New York Torrens law; that is, the
vj,hdrawal feature was eliminated,
n,Nng registrations permanent. The
,ayment into the assurance fund was
-ade compulsory by the 1915 amend
rsnts, but the stability given the sys-
ten by having the state County back
q the assurance fund, as is done In
Massachusetts,. Illinois and other places,
vas taken away in the attempt to con-
,iliate by compromises the title com
rsny interests of the city.
Aid from Many Sources
Committees of the Bar Associations,
Chamber Of Commerce. State League Of
Building and Loan Associations, many
Deal building and loan associations,
Harlem Board of Commerce, Citizens
Union. Bureau of Municipal Research
and many other big civic societies, be
,des many prominent individual citl-
-sns. are cooperating with me IN the
PREPARATION Of the amendments en-
so3vi-r the reforms outlined
Register Hopper has issued another
ssmphlet on the Torrens system. II IL
reprint Of the original pamphlet on
he subject. together with comments on
the progress being made TO put the
srs.ern In effect and an outline of the
proposed amendments. Copies of the
ssnphlet may be had for the asking,
either in writing 20 Register Hopper
OF bv calling at his Office in the Hall
of Records. at Chambers and Centre
streets.
Assurance Fund an Asset
The assurance fund is called a public
asset in the pamphlet.
Experience In other states, under
Torrens laws that are real Torrens
laws. has shown that the backing o.
lie assurance fund by che state
county, is not a source Of loss, but Is
resliv an asset" reads the pamphlet.
Ia Massachusetts,, where the common
wealth stands back of the fund, the
f--d now amounts TO more than $3.50
go while there has been but one loss
Of 81 200. which was paid 10 an old
widow. II the Judge of the Land Court
and the Attorney General of Massa--
ehrset.s had stood upon the letter OF
re law even this one loss might not
rave been paid. In Chicago lCoo<
Countv) the assurance fund amounts
20 more than $4,000, with one loss o.
500 paid.
"Both Massachusetts, and Chicago
have had over eighteen years expert
eree with their Torrens laws.
There appears TO be a public mis-
,trrehension as 20 the purpose OF tne
assurance fund under the Torrens sys-
t,~,-a misapprehension due undouht-
edlv 70 thinking that il is the same as
he fund which the title companies are
supposed 70 have in order TO financially
guarantee titles.
aThe assurance fund Of the Torrens
lsv is not 20 strengthen a title. Inc
title once registered under the i orTehs
l.w is declared by the state % be Pc.
feet and IL cannot be impeached. IL
needs nothing back Of 1t. EvPn II an
error is made in the examination OF
he title and the title Is registered no
ore can question that title. The tltie-
holder is absolutely secure. There IS
70 going back Of the certificate On
he other hand, If by chance an error
should Be made and some one. has been
Injured when the title is req tered, "
would not be just, az the injured party
annot assail the title. 70 leave him
Nth no redress. II is for this purpose
hat the assurance fund Of the lorren3
isE is established II a party is IN
lsrsd in the registering Of the title or
"a subsequent transfers he can, by
Hoving his claim. recover his damage
rom the assurance fund.
"The advantage Of having the state
eounty) back Of this fund is hat IN
he early stages Of the operation OF
Ierrens law. before there has been
line for a considerably sized fund 70
,eeumulate. the fact that the state Is
behind the fund gives confidence 70 the
ssrly corners into the system, for, as
las been said. the general impression
is that the fund is needed Tor the
security Of the title. whereas II is only
needed for those who have been IN
iured through some error, the title-
holder being absolutely secure under
sll circumstances"