Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1917-03-23
SHOULD STUDY THE ToRRENs SYSTEM
OF LAND REGISTRATION.


Federal Farm Loan Boards throughout
the State, attention is being called to adj
vantapes offered in securing loans from
the federal government by small farmers
by aid of the Torrens System of Land
Registration. We learn that the Federal
Farm Loan Board will not hesitate to
accept farms registered under the Tor
rens Act without question as to title, but
otherwise will require each tract of land
pledged for a loan under the rural credit
law to be investigated by special at
torney appointed by the land loan bank,
and which investigation must be at ex-
pense of borrower.
Prof X. L. Hines, professor of COM
merce of the Louisiana State University,
has the following to say as to the adj
vantages offered by the Torrens System
in an interview in the Press Bulletin Of
the State University:
every farmers meeting and every
other meeting where agriculture is dis
cussed for the next year or more should
have a portion of the program devoted
to discussion Of the Torrens System OF
Land Registration, says r. J.. Hines,
professor of commerce, Louisiana State
University "This is particularly import
ant at this time when farmers are organ
izing for the purpose of applying to the
Federal Farm Loan Board for loans on
real estate, as will be shown.
"As proposed law for Louisiana, the
Torrens System of Land Registration pro-
vides for four things: Cd 1t determines
the title to piece of real estate and the
encumbrances against it; (2) it affords a
convenient way to record these facts so
that those interested may find them easily
and without much expense; it arranges
a system of recording future transactions
or changes in title or encumbrances on
this real estate; and (i) it guarantees the
title and encumbrances thus established.
'This system is in successful operation
in many states of the United States and
in many countries of the world.
1.-THE Federal Farm Loan Act, as a law
Of the United States, provides for lending
money to farmers at low rate and on
long time on first mortgages on farm
lands. The law specially provides that
the title encumbrances, laws for protec-
ton of holders of mortgages shall be sat
isfactory to the Federal Farm Loan Board.
This is the language of the law: 1T shall
be the duty of the Farm Loan Commits
sioner to inform the Federal
Farm Loan Board whether in
his judgment the laws of each state re-
lating to the conveying and recording of
land titles, and the foreclosure of mort
cages, are such as to assure
the holder thereof adequate safeguards
against loss in the event of default on
loans secured by any such mortgages.
" Pending the making of such exam
ination in the case of any state, the Fed
eral Farm Loan Board may declare first
mortgages on farm lands situated within
such state ineligible as the basis for an
issue of farm loan bonds
"How about the laws of Louisiana on
this point? Ask the best lawyers OF your
parish if, in their judgment, the laws of
Louisiana on the subject mentioned above
(Sec. 80 of the Federal Farm Loan Act)
are favorable to the operation of the Farm
Loan Bank in your parish. Is it safe to
lend fifty per cent on a farm worth
$1,000? Can you tell, beyond doubt,
the title of piece of land? All the law
yers to whom | address these questions
reply in the negative.
"The foregoing facts should be studied.
In the session of the Legislature last year
a bill aimineto adopt Torrens System
for Louisiana passed the Senate and was
favorably received by the House, but
reached that body so late that it could
not be passed. We should all become
thoroughly familiar with the provisions
of this proposed law, thus assisting in its
passage and assuring ourselves the ben
efits to be derived from the Federal Farm
Loan Act"