THE TORRENS SYSTEM OF REAL PROPERTY LAW. 
G8L 
in practical effect from the old law), nor as to annuities, the subject 
being of too little practical importance. As regards mortgages there 
are two systems: where the mortgagee takes his security by absolute 
transfer, in which case his rights, except that he has a more ample 
power of sale, are much the same as under the old law ; and where the 
mortgagee takes a mortgage under the Torrens system. In this latter 
case there are a number of differences from the old law which are but 
to a small extent derived from the Merchant Shipping Acts. Under 
those Acts, indeed, the mortgagor remained (subject, of course, to 
the charge) the legal owner of the ship. This was to avoid trenching 
on the principle that an alien could not be the owner of a British 
ship without taking away a power of borrowing money from aliens 
from the British shipowner. The reason which led to the adoption 
of this peculiarity is not applicable to land, but it has an operation of 
another sort which may be advantageous. It makes the interest of the 
mortgagor which, under the old system, is a mere equity of redemp- 
tion, a legal estate, and enables him ro deal with it by assurances which 
operate at law and not merely in equity, and which are capable of 
registration and, subject to registered incumbrances, confer an 
indefeasible title on the purchaser. The other peculiar provisions 
relating to mortgages cannot be said to be derived from the merchant 
shipping law. The most noticeable of them is the provision for foreclos- 
ing a mortgage by order of the commissioner of titles without action ox- 
suit in court. Probably this procedure is cheaper than a foreclosure 
action, but it would appear in many cases to he defective. For 
instance, mortgages are often given over different properties to 
secure one debt. Thus there might be land under the old system, 
or chattels, as well as land under the Torrens system, included 
in the same security. It would not appear at all convenient that 
there should he separate proceedings to foreclose the different parts 
of such a security — a proceeding before the commissioner of titles 
as to the land under the Torrens system, and an action as to the 
rest. Even if there is nothing included in the security except land 
under the Torrens system, disputes might ariso as to the amount 
due, and there is no machinery provided for settling them, and 
this leads up to another remark as to the provisions as to mortgages 
now contained in the Transfer of Land Act, 1890. It appears to 
be assumed throughout the Act that the amount due on a mort- 
gage can be ascertained by looking at it, that anyone by inspecting 
the register can find out not merely that the land is subject to a 
mortgage, hut what is the exact amount of the charge. Now, this is 
not ordinarily possible. If the purchaser of land subject to a mort- 
gage wishes to ascertain the amount due, he can only do so by 
getting the mortgagee to admit it; and if the transferee of a mort- 
gage wishes to ascertain the amount due, he can only do so by 
getting the mortgagor to admit it. If mortgagee and mortgagor do 
not agree, the matter can only be settled by taking au account 
in an action. There are several provisions in the Transfer of Land 
Act, 1890, which illustrate this point of view; thus there is a 
provision enabling a mortgagor, when the mortgagee is out of the 
country, to pay the amount due to the Treasurer of Victoria, and the 
registrar of titles is empowered on the production of the Treasurer’s 
receipt to discharge the land from the mortgage. It seems to be 
