This section is from the book "The Law Of Real Property and Other Interests In Land", by Herbert Thorn Dike Tiffany. Also available from Amazon: A Treatise on the Modern Law of Real Property and Other Interests in Land .
The registration is of the legal title only, but, in case an equitable interest has been created in another by a declaration of trust or otherwise, a memorandum to that effect may, by some statutes, be made upon the certificate, without stating the terms of the instrument creating the same, but referring to the place of record of such instrument, or, in case it is merely filed with the registrar, to the file number. Under some of the foreign statutes no notice of any trust is allowed to be entered on the register.
6. See Hogg, op. cit. p. 821 et seq; Niblack, op. cit. Sec.Sec. 136158, 168, 215; Editorial note, 29 Harv. Law Rev. at p. 772.
The statutes in force in this country usually provide that no instrument undertaking to deal with land held in trust shall be registered until it has been approved by a court, or, in one state at least, by official examiners of title, as being in accordance with the terms of the trust, it being provided that such approval shall be conclusive as to the validity of the transfer.7
The certificate issued upon the registration of the title is conclusive that no outstanding interests and incumbrances exist in other persons, with certain exceptions, specified in the statute, these exceptions ordinarily including liens for taxes, leases for terms of but a few years, highways, and easements, or particular classes of easements, and, as to all such excepted interests, any purchaser of the land must satisfy himself otherwise than by reference to the certificate of title.
Rights of ownership in the land less than fee simple, as well as rights in the land existing in others, such as easements and profits a prendre, are not usually the subject of a separate certificate, but they are protected by memoranda upon the certificate of the fee-simple owner.