Page:The Green Bag (1889–1914), Volume 23.pdf/83

 Torrens Land Title Registration

61

policies of insurance thereon, and said,

Torrens System the title is established

in part, as follows '.—

forever, and subsequent transfers are

The method which is used in New York and most of the states in this country grows more cumbersome as it becomes older, and, in spite of eﬁorts to make it less burdensome, is tending to break down of its own weight. The multiplication of records and complica non of titles and the repeated expense of reexamination and the delays incidental thereto, should be avoided, if any feasible method of doing so can be devised. We are very clearly of the opinion that a system of registering titles may be put into operation in this state in such manner as to avoid these and other diﬁculties incidental to the present System and to become of much utility and advantage to conveyanoers and owners of real property.

Accordingly, the commission recom

mended the Torrens System of Land Title Registration and drafted a pro posed act, which was passed by the legislature in May, 1908, known as Chapter 444 of the Laws of 1908, other wise known as the "Land Title Registra tion Law," which, however, did not

go into effect until the ﬁrst day of February, 1909. It was then found that the presence of certain "jokers”

inserted in the bill at the instance of

made simply by execution and delivery of deed, and at the same time surrender ing to the Registrar of the county in

which the property is located the duplicate certiﬁcate of title originally issued to the owner by the State, and paying to the Registrar a nominal fee, upon which he issues a new certiﬁcate to the new owner, without further expense. Under the old system of title insurance the title must be searched over and over again every time the property is transferred or mortgaged, and the owner or mortgagor is obliged

to pay at least one-half of the original premium for a new policy of title insurance. Under the Torrens System the statutory fees and disbursements are small and the title obtained is backed by the guaranty of the state and free from the slightest doubt, thus demon strating the advantage of this system as compared with the complicated and costly system of searching and insuring

titles formerly in vogue. It has been wittily said that a title

to make the act uncertain and inopera

insurance company is like the little girl's definition of a falsehood, namely, “An abomination unto the Lord, but

tive. A new bill was prepared contain ing the desired amendments, and this

an ever present help in time of trouble.” I think this is quite accurate, provided

the old title insurance companies tended

amendatory act was ﬁercely opposed

the latter portion of the definition is

by the representatives of the old title insurance companies, but was ﬁnally

omitted. Let us see how this works out in practice.

passed by the legislature and signed by

The general public are under a wrong

Governor Hughes and became Chapter

impression with regard to the so-called “policies of title insurance” issued by

627 of the Laws of 1910. So that in Article XII of the Real Property Law,

the old title companies.

They regard

as amended, we now have a perfected method of registering titles under the sanction and protection of the state. Particular attention should be called

or ﬁre insurance which indemnify the insured against all loss suﬁered. A

to the fact that only one search of the

policy will demonstrate that it contains

title is necessary. After the property has been once transferred under the

many exceptions and special provisions which nullify its value. For example.

them in the same light as policies of life

perusal of the ordinary title insurance