INTEREST ON FARM LOANS 699 



time, the land will be registered in accordance with the application. 

 If the caveat is filed, action is delayed until it is either withdrawn or 

 set aside by action of the court, " when the land is brought under the 

 operation of this system by the issue of a certificate of title, vesting 

 the estate indefeasibly in the applicant." 



This certificate, a duplicate of which is retained in the office, sets 

 forth in detail, though briefly, a description of the land, usually with 

 a plan or reference to a map, and the exact nature of the holder's title, 

 together with a memorandum of all mortgages, leases, or other encum- 

 brance of whatever nature. The one paper is sufficient to show the 

 exact title, and the government guaranty that this title is correct 

 renders all search for "claim" of title, as under our system, entirely 

 superfluous. 



This practice of granting an absolute, indefeasible title, guaranteed 

 by the government, after due advertisement and service of notice, is 

 still one that involves very little risk, though that risk is one of the 

 chief objections urged by its opponents. Ireland has brought about 

 one-sixth of her land, and the English colonies over 152,000 parcels 

 under this system, with almost complete immunity from error. Still 

 there is always danger of error and fraud in such registration and 

 subsequent transfer, so that the governments deem it advisable to 

 provide a fund to reimburse those injured by the act of the govern- 

 ment in granting an indefeasible title. From one-tenth to one-fifth 

 of i per cent of the value of the land, levied when the land is first 

 brought under the system and at subsequent transfers by descent or 

 devise, is found to produce a sufficient guaranty fund. 



If a person wishes to sell his land, he makes out a memorandum 

 of transfer in a simple prescribed form; and this with his certificate 

 is taken to the Registrar. The transfer is then entered upon the 

 Registrar's book and upon the certificate, and the new owner has the 

 indefeasible title, with the government guaranty. So, whenever a 

 title is transferred, one folium of the Registrar is enough to show to 

 whom the land belongs, and there is no expense for looking up the 

 title, no worry or doubt regarding a cloud upon it. That is impossible. 



If only a part of the land named in the certificate is to be trans- 

 ferred, the memorandum for transfer is given only for that part. The 

 Registrar marks the original certificate and record "canceled" as to 

 that part, and a new certificate is issued to its purchaser, while the 

 register gives it a new folium. Thus, every person holding an estate 

 in land needs only one document to show the exact nature and extent 



