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
