CHAPTER IX. 



LEGAL FEATURES. 



The attorneys passing on a bond issue and 

 vouching for the perfection of titles and legal- 

 ity of all actions connected with the transaction 

 must be very able, experienced and of the high- 

 est standing amongst lawyers. The attorneys 

 must safeguard the affairs of all parties and 

 treat each interest with fairness. They must 

 consider the borrower, the bond dealer, the 

 trustee and the private investor. 



The timber holdings usually cover a wide 

 area. They often extend over several counties 

 and sometimes are located in two or more 

 states. The descriptions are complicated, and 

 the work of passing on them heavy and exact- 

 ing. The original records at the county seats 

 should always be examined. Some bond houses 

 float bonds without investigating further than 

 the abstract furnished them. Abstractors are 

 human and in isolated districts are sometimes 

 careless. It is safe to take the abstracts of well 

 known abstract companies, but even then it is 

 bad practice. The present owner of the timber 

 usually accepts the abstracts furnished him by 

 the seller. He does not know how the original 

 records read and cannot be blamed later on if 

 titles are questioned or clouded. It costs more 

 money and is harder work to go over and com- 



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