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 Torrens Land Title Registration, in Its Historical, Practical and Legal Aspects1 BY GILBERT RAY HAWES, or The New YORK BAR

WHILE seated in a subway car on

insures the policy-holder only that it

my journey from the Borough of

will give him the beneﬁt of a law suit, as Then will bethis demonstrated illumining later. advertisement

Manhattan, in order to address you here

this evening, I was considering what I should take as a text for my remarks,

of the Title Guarantee & Trust Company

and casually my eyes were directed to

further declares ingenuously "The money we have saved enables us to pay promptly the unavoidable risks." Presumably the

the various advertisements displayed of patent medicines, hair tonics, pickles, cereal foods, suspenders, Gold Brick Twins, etc., when my attention was arrested by one legend in large type glaring at me under the electric light, and which read as follows : It took courage to guarantee the ﬁrst title the risks looked so big. Experience has taught us to avoid many dangers—and the money we have saved enables us to pay promptly the unavoidable losses. Shift the risk to us. Title Guarantee& Trust Co.,

money saved refers to the “capital and

surplus of $14,000,000” saved by avoid ing payment for mistakes made, except

where such payment was “unavoidable." And then to cap the climax, after such a confession, it concludes with the amazing prayer or demand, whichever

it may be regarded, “Shift the risk

to

us." But if there is such a risk, as is frankly conceded, in the old system of title

capital and surplus $14,000,000. As Squeers would say—“Here's rich

insurance, the public undoubtedly will prefer to adopt a system where there

ness for you.” This is what we lawyers

is no risk and where the state vests an

would call “a plea of confession and avoidance." The Title Guarantee &

absolutely indefeasible title which can

Trust

Company

admits,

practically,

that there is a big risk in the old method of title insurance, and that “it took courage to guarantee the ﬁrst title."

It then asserts that "Experience has taught us to avoid many dangers,” but it does not explain frankly that the way in which it "avoids" these dangers is by issuing policies of title insurance

not

be

attacked

subsequently,

and

whereby an action in rem, instituted by the owner as plaintiff against all mort gagees and other lienors and incum brancers of record, The People of the

State of New York and “all other persons, if any, having any right or interest in or lien upon the property affected by this action, or any part thereof,” as defendants, and by publi cation of notice to all the world, and by a

"subject to exceptions contained in Sched ule B,” and also subject to the long and complicated “conditions" printed

short statute of limitations barring every one who fails to appear and answer the

in microscopic characters on the back of the policy, so that in case of any

complaint, all clouds are removed, all defects are cured, and upon the

mistake

search

or

omission

the

Company

lAn address delivered October 25. 1910, before the Lawyers‘ Club. of Brooklyn.

and

report

of

the

Oﬂicial

Examiner of Title, 9. ﬁnal judgment and decree is entered and certiﬁcate issued