  We examine the regularized zero-range model in an application to
three-fermion systems -- the triton and the hypertriton. We consider bound
states and low-energy neutron-deuteron and lambda-deuteron scattering. The
model is shown to provide an adequate quantitative description of these system
on a par with finite-range potential models. The well known correlation between
the doublet $nd$ scattering length and the triton binding energy (Phillips
line) finds a natural explanation within the model.
