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Repairs or supplies for buildings in charge of the department are ordered upon written requisitions like that shown in Figure 268, of which carbon copies are retained by the company.

Figure 269 shows a loose-leaf form used to list properties in charge of the department.

The left-hand page of a "Rent roll book," permanently bound, is shown in Figure 270. The width of the page is 18 inches. The record is continued on the right-hand page of the book, the columns of whiheare headed with the names of the months from March to December, inclusive. This answers the double purpose of a rent book and a list of properties handled for each landlord.

Forms for the record of insurance and taxes on real estate held in the trust department have been shown in Figures 71, 75, 76, 77 and 78.. Other forms for such records are shown in Figures 271 and 272.

Figure 273 shows a statement of rents collected. The sheets are arranged in a loose-leaf binder with a duplicate form underneath, so that when the sheet is torn out to send to the customer, a copy of the statement in permanent form is retained.

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The Tickler or Maturity Index of this department does not differ in principle from those of other departments already described. Either cards or bound books are used, according to preference.

The methods of accounting for this department vary according to the extent of the business, and the tastes of the officers. The general methods already described for the estates division of the trust department are for the most part adapted to the use of this department. Original entries may be made upon debit and credit tickets, such as have been shown in Figures 158 and 159, and from them be entered in the journal, or may be entered at once in an ordinary cash-book. For a journal, the form shown in Figure 274 is convenient. The names of the accounts are entered in the middle column, descriptions of items at the sides. The ledger forms shown in Figures 16 and 17 are convenient for accounts in this. department. Ordinary ledger forms are also used.

Forms of rent books have been shown in Figures 70, 71, 72, and in Figure 270. Another form is shown in Figure 275. The top of the page being blank, such memoranda may be entered as the bookkeeper or officer in charge prefers.

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CHAPTER XII.

THE TITLE INSURANCE DEPARTMENT.

AWS have been enacted in many of the states throughout the country during the past twenty-five years providing that companies may be incorporated for the purpose of guaranteeing or insuring the title to real property and to conduct a mortgage loan and trust company business; the latter, however, being consistent with the powers granted them as such title guarantee or insurance companies. Among the powers of such a company is the right and authority to prepare and furnish bonds, mortgages and other securities and to guarantee the validity and due execution of the same as well as the performance of contracts incident thereto; to make loans for itself or as agent or trustee for others and to guarantee the collection of interest and principal of such loans; to take charge of, sell, mortgage, rent or otherwise dispose of real estate for others, and to perform all the duties of an agent, or trustee, relative to property conveyed or otherwise entrusted to it. Such title guarantee and trust companies have been organized and are doing business in most of our large cities. These companies preliminary to commencing work usually acquire the books or records of local abstract firms, or corporations, as a basis for their future guarantee plants. During the past decade the growth of these companies has been very rapid by reason of their extensive operations resulting from their combined powers. Experience has proven that in the consolidation of the guarantee and trust features better results have been obtained for each; this is very well illustrated in the case of a mortgage loan made by the company; after the loan has been approved and accepted the title to the property to be secured by the mortgage is guaranteed by the company; after which, if desired, the mortgage can be placed upon the market and be handled to better advantage than one not so guaranteed.

In order to fully understand how such companies transact their business in the exercise of their powers enabling them to issue their different forms of policies of title insurance it is necessary to go into detɛil and explain their procedure.

To begin with the title insurance company owns its abstract plant, built on the most modern and approved plan, consisting of a complete history of the title to all of the real estate in the territory where it does business, including not only a transcript of the deed, mortgage, probate and tax records, but of all other matters of record which may affect the title, such as judgments, decrees, executions, levies and pending suits in any court of record, whether federal, state, county or municipal, including also plats and maps showing partitions, subdivisions, street and alley openings and vacations, etc. The necessity for this is obvious, for in guaranteeing titles the company must be absolutely certain that the ab

stract work is accurate and beyond question, and this can only be accomplished by using a plant over which it has full and complete control and supervision.

In applying for title insurance it is not only customary but the rule to require applicants to fill out printed applications for the same, wherein

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0 January 4th 1907

The undersigned hereby employs THE GUARANTEE TITLE AND TRUST COMPANY to examine the title to premises hereinafter described, and if it approves of the same, to issue a Policy in its usual form against liens or defects in

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For a presfum of... One hundred.

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It is agreed that the foregoing statements are true to the best of.. representations on the faith of which said Policy is to be issued.

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The applicant hereby agrees that if, before the delivery of the Policy, he or his agent, should have any notice or information as to defects, objections, liens or incumbrances affecting the title to be insured, he will at once fully make known the same to the Company.

The applicant understands that under the Policy to be issued, the Company will not insure against special assess ments or liquor taxes, nor the rights and claims of parties in possession not shown of record, nor conveyances, agreements or mechanics' liens not filed or of record at date of issuance of Policy.

The applicant hereby agrees that whenever the Company notifies him that it will issue a Policy, he will accept the same and pay the premium therefor.

If the Company, after examination declines to issue the Policy on account of defects in the title, the applicant agrees to pay the necessary expenses incurred by the Company in making such examination.

John Benon Thommand applicant.

FIG. 276.-APPLICATION FOR GUARANTEE OF TITLE.

are to be found a number of questions relative to the proposed insurance and which are agreed upon to be a warranty of the facts therein contained. Figure 276 shows a form of such application.

It will be observed that the application shown as Figure 276 is intended for an owner's policy; the form for an application for a mortgage,

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