Show TITLE INSURANCE The Purchase of Property and Loaning MoneyMade Safe A STRONG CORPORATION FORMED Safety for InvestorsNo Mere Danger From Imperfect TitlesEvery Careful Iran Should Read and Heed During tho past few years a class of corporations cor-porations for insuring the titles of real estate es-tate has been organized in different parts of thecountrynotably at New YorkBrooklyn Philadelphia Chicago San Francisco etc A similar corporation has been formed in Salt Lake city by tho following named persons per-sons F H Auerbaeh H C Chambers Auerbaeh J E Dooly W C Hall L S Hills T R Jones J A Marshall W S McCornick James Sharp E A Smith A L Thomas J R and M H Walker J J Daly and T G Webber These men have secured a perfect and complete transcript of the records rec-ords to title in Salt Lake city and county I and of the tax lien judgment records affecting said titles and they possess sufficient suffi-cient pecuniary responsibility to place their insurance beyond question The Insurance Policy takes the place of the Abstract Under the old system of examining ex-amining titles and abstract was purchased at an average cost of 310 an attorney was paid to examine the title and before a conclusion con-clusion was reached the expense would be about equal to tho average cost of an in I suranco policy The examination by tho attorney would amount to no more than an expression of opinion on the facts submitted sub-mitted t him Among the thousands of instruments of record one vital t the title may have been missed by the searcher I A careless clerk may have made an error in the record or may have failed to I index an instrument THE PUBLIC HECORBS no NOT ALWAYS CONTAIN ALL TIE FACTOKS OF A TITLE SOME OF THE MOST AMHOVED TITLES HAVE BEEN COMPLETELY DEFEATED SIT PROOF OP FACTS WHICH AlE ENTIRELY OUTSIDB TIE RECORDS iCTS WHICH NEITHER THE SEARCHER NOR ATTORNEY COULD DISCOVER Again tho title may be perfect on the record and yet be defective A deed may have been forged or may have been mado by an attorneyinfact whoso letter of attorney was a forgery or may have been executed upon a power of attorney attor-ney after tho death of the principal Tho title may depend on an execution issued in an action in the court in which an attorney appeared without authority and in which no service of summons was mado on the owner or the title may be vested in tho owner in trust for others who may fail to join him in the deed to the purchasers all eege ft k of which may defeat the title The acknowledgement may be defective the signature not properly witnessed In short errors may appear of every kind and character all of which may materially I affect the title There is absolutely no security se-curity against possible errors by the olds old-s stem of furnishing abstracts The plan of Title Insurance is very plain Every careful man before buying a piece I of ground has the title examined Instead of buying an abstract which amounts to no moro than a statement respecting the title application is made to the Title Insurance Insur-ance Company for insurance of the title The company i the title is found good issues a policy protecting the owners purchaser pur-chaser or mortgagee against lossfor a termof twentylive years or for the life of a mortgage mort-gage I the title is attacked tho company com-pany defends it and if the adverse title is I istmned pays the amount of its insurance The form of the owners policy it issues as follows this being a copy of the one issued t Goo A Lowe I Application No 33 parlor lot 3 block No 71 plat A Policy No 31 amount 810000 i Utah Title Insurance and Trust Comoany Incorporated In-corporated under the laws of Utah Territory I By this policy of Insurance In consideration j of the sum of SOO to It paid by George A Lowe te doth hereby covenant that it will ht for the period of twentynve years from the date hereof Indemnify keep harmless and Insure tho said George A Lowe and all persons claiming the estate and interest hereinafter mentioned under Mm by decent or by will from all los or damage not exceeding 410000 which the said Insured shall during said period of twentyfive years su tai by reason of defects of the title of the Insured t the real estate or interest described In Schedule A hereto annexed or by reason of lens or encumbrances affecting the I same at the date hereof excepting only such as are set forth in Schedule B subject to the conditions con-ditions and stipulations hereto annexed and together to-gether with said Schedule made a part of ths Policy This Policy Is Issued upon an application by the insured numbered thirtylive which applies ton Is agreed by parties hereunder to be a warrantyof facts therein stated t I witness whereof the Utah Title Insurance and Trust Company has caused Its name to be signed and Its corporate seal to be hereto affixed af-fixed by Us President and Secretary this ninth day of July In the year one thousand eight hundred and eighty nine at eleven oclock and twenty minutes nm SEA UTAH TITLE Is3iiANCE AND TRuer COMPANY Signed By J E DOOLY its President I Airmen L THOMAS Its Secretary Among the persons who havo secured policies from the company are the following follow-ing George A Lowe for 10000 y Ig James Anderson for 8000 Alvah Lewis for 10000 James T Clasbey and A C Smith for m I 000 Edward Wicks for 5000 James I Brown for 10000 Salt Lake Board of Trade chamber of commerce building > for uu 20000 Tho rates for title Insurance are a follows OWNEK3 POLICIES For 5S003 or underu 2000 For each additional 81000 200 MORTGAGEES POLICY For amounts under 51000 1503 For amounts over 1000 up to 22000 1 per cent For each additional 31000 I 3 0 Thus an owners policy for 85000 will cost 3 3 a mortagees policy for the same amount 526 et etc This is but little over the cost of buying an abstract and having i it examined In considering Title Insurance remember remem-ber that ALL LOSSES IN TITLES AnISE IN I THOSE WHICH ARE SUPPOSED TO DE GOOD The officers of the company are J E Dooly president L S Hills vicepresi dent A L Thomas secretary W S Mc Cornick M H Walker James Sharp and T C Webber all of whom are directors |