In some states there are so-called "abstract companies," whose business it is to keep abstracts of public records and to prepare an abstract of title to any piece of property desired. In other states, titles are insured by title guaranty companies under "title policies." It is not proposed to discuss here the form of these abstracts or policies, or the method of preparing them, but merely to consider the papers after they reach the real estate concern.

The only safe rule is never to buy real estate without some such abstract. It is the accountant's duty to see that such a document accompanies the other papers when any property is acquired. As these abstracts and policies represent money, and sometimes large sums, they should be dealt with as carefully as cash. They are perhaps harder to keep track of, more particularly because they are so frequently borrowed by prospective purchasers or their agents or attorneys.

An easy method of caring for abstracts is to number each, as soon as received, with the real estate number of the property covered, and then to keep them in numerical order in a division of the safe or vault reserved for such purpose. In this way any abstract can be found almost instantly.

As practically every purchaser, after receiving his deed, borrows this abstract for examination, a record of abstracts loaned from the office is a necessity. The following form, which is kept in a small loose-leaf binder, has led to the saving of large sums of money in the course of some years' use. As many lines as necessary should be provided under each heading.

Deed Abstract No...............................

.......................................................................

........papers...............................

Sent to......................................

For..........................................

Date.........................................

I hereby acknowledge receipt of the above-mentioned papers and undertake to return same to the.................; or, when called upon to do so by said Company, to provide at once new copy of same prepared by the..........Abstract

Title and Security Company, at my own expense.

.................................

Form 51. Record of Abstracts Loaned.

On the final disposition of a piece of property and the delivery of deeds, etc., the abstract is usually delivered to the purchaser, or the policy is indorsed in favor of the purchaser. In such case there should be inserted in the abstract file a slip of paper the same size as the folded abstract, bearing the number of the abstract or policy so delivered and showing the disposition thereof.