Page:An essay on the transfer of land by registration.djvu/38

 are actually in a better position, because they, or any person on their behalf, may enter a caveat, and so prevent any improper dealing by the trustees. This is the system adopted at the Bank of England in the case of stock in the funds, and it has been found by experience that property so circumstanced is practically safe. Can it be believed that what is safe for beneficial interests in such property will be otherwise than safe when applied to land? The second class of settlements can be effected under the Torrens Act with the same facility as under the old system. The Torrens Act in no way interferes with the principles or rules of law, or with the powers of landowners or their rights or liberties, but only with the machinery by which such rights or liberties may be created or protected: consequently the second class of settlements is fully and effectually provided for without the intervention of the Statute of Uses. Instead of conveying to A. for the use of B. for life, with remainder to the use of C. in fee, it conveys direct to B. for life, with remainder to C. Upon the execution of such a settlement, the Recorder of Titles would issue a 'declaration of title' to the first tenant for life or owner of the first estate of freehold vested in possession. Such declaration would set forth the nature of the estate, and all powers given to the tenant for life by the settlement, such as powers of appointing the fee or of releasing. Each remainderman as his estate became vested in possession, would receive a declaration of title, and in the meantime he could deal with his interest, though a purchaser would not receive a declaration of title until the estate fell into possession. The only difference, in fact, between a settlement of land under the Torrens system and of land under the old system is, that in the former case no estate would pass or become vested until the settlement was registered; but, so soon as registered, the settlement would have exactly the same effect; estates and interest would vest or be divested exactly as under the old system."