Exhibit 5.1

                 SCHELL BRAY AYCOCK ABEL & LIVINGSTON P.L.L.C.
                           Greensboro, North Carolina


                                                          September 30, 2003




Investors Title Company
121 North Columbia Street
Chapel Hill, North Carolina  27514

    Re:      Investors Title Company 2001 Stock Option and Restricted Stock Plan

Ladies and Gentlemen:

     We have acted as counsel for  Investors  Title  Company,  a North  Carolina
corporation (the "Corporation"), in connection with the filing of a registration
statement  on Form S-8  under  the  Securities  Act of  1933,  as  amended  (the
"Registration   Statement"),   with  respect  to  (i)  248,700   shares  of  the
Corporation's  common stock,  no par value (the "Primary  Shares"),  that may be
issued and sold to participants in the Investors Title Company 2001 Stock Option
and   Restricted   Stock  Plan  (the  "Plan")  and  (ii)  1,200  shares  of  the
Corporation's  common  stock,  no par value,  which have been issued and sold to
employees  under the Plan before the filing of the  Registration  Statement (the
"Reoffer Shares").

     We have  examined  such  documents,  records  and matters of law as we have
deemed  necessary for purposes of rendering  this opinion.  For purposes of this
opinion, we have assumed the genuineness of all signatures,  the authenticity of
all documents  submitted to us as originals,  the conformity to originals of all
documents submitted to us as certified, photostatic or conformed copies, and the
authenticity of the originals of such documents.

     We are qualified to practice law in the State of North Carolina.  We do not
purport to express any opinion herein  concerning any law other than the laws of
the  State of North  Carolina  and the  federal  securities  laws of the  United
States.

         Based upon the foregoing, we are of the opinion that:

     1. The Primary Shares are duly authorized and will be, when issued and sold
in accordance with the Plan, validly issued, fully paid and nonassessable.

     2. The Reoffer Shares are duly authorized,  validly issued,  fully paid and
nonassessable.

     We hereby  consent  to the filing of this  opinion  as  Exhibit  5.1 to the
Registration Statement.

                                         Very truly yours,

                            /s/Schell Bray Aycock Abel & Livingston P.L.L.C.