As to exchange, &c. Meaning of "mortgage." Exchange and Partition or Division. 73. Where upon the exchange of any real or heritable property for any other real or heritable property, or upon the partition or division of any real or heritable property, any consideration exceeding in amount or value one hundred pounds is paid or given, or agreed to be paid or given, for equality, the principal or only instrument whereby the exchange or partition or division is effected is to be charged with the same ad valorem duty as a conveyance on sale for the consideration, and with that duty only; and where in any such case there are several instruments for completing the title of either party, the principal instrument is to be ascertained, and the other instruments are to be charged with duty in the manner hereinbefore provided in the case of several instruments of conveyance. Mortgages, &c. 86. (1.) For the purposes of this Act the expression "mortgage means a security by way of mortgage for the payment of any definite and certain sum of money advanced or lent at the time, or previously due and owing, or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced, or paid, or which may become due upon an account current, together with any sum already advanced or due, or without, as the case may be; And includes (a) Conditional surrender by way of mortgage, further estate, or property, real or personal, heritable or (b) [Relates to Scotland.] (c) Any conveyance of any lands, estate, or property whatsoever in trust to be sold or otherwise converted into money, intended only as a security, and redeemable before the sale or other disposal thereof, either by express stipulation or otherwise, except where the conveyance is made for the benefit of creditors generally, or for the benefit of creditors specified who accept the provision made for payment of their debts, in full satisfaction thereof, or who exceed five in number: and or other (d) Any defeazance, (e) Any agreement (other than an agreement chargeable bond accompanied with a deposit of title deeds for (f) [Relates to Scotland.] (g) [Deals with mortgages of stocks.] (2.) For the purpose of this Act the expression "equitable mortgage means an agreement or memorandum, under hand only, relating to the deposit of any title deeds or instruments constituting or being evidence of the title to any property whatever (other than stock or marketable security), or creating a charge on such property. 87.—(1.) [Relates to securities for transfer or re-transfer of Direction as any stock. to duty in (2.) [Relates to securities for the payment of rentcharges, certain cases. annuities, &c.] (3.) [Relates to transfers of duly stamped securities.] (4.) Where any copyhold or customary lands or hereditaments are mortgaged alone by means of a conditional surrender or grant, the ad valorem duty is to be charged on the surrender or grant, if made out of court, or the memorandum thereof, and on the copy of court roll of the surrender or grant, if made in court. (5.) Where any copyhold or customary lands or hereditaments are mortgaged, together with other property, for securing the same money or the same stock, the ad valorem duty is to be charged on the instrument relating to the other property, and the surrender or grant, or the memorandum thereof, or the copy of court roll of the surrender or grant, as the case may be, is not to be charged with any higher duty than ten shillings. (6.) An instrument chargeable with ad valorem duty as a mortgage is not to be charged with any further duty by reason of the equity of redemption in the mortgaged property being thereby conveyed or limited in any other manner than to a purchaser, or in trust for, or according to the direction of, a purchaser. 88. [Relates to securities for future advances.] of benefit 89. The exemption from stamp duty conferred by the Act Exemption of the session held in the sixth and seventh years of King from stamp William the Fourth, chapter thirty-two, for the regulation of duty in favour benefit building societies, shall not extend to any mortgage building made after the thirty-first day of July one thousand eight societies hundred and sixty-eight, except a mortgage by a member of restricted. a benefit building society for securing the repayment to the society of money not exceeding five hundred pounds. Settlements, when not to Settlements. 104. [Deals with the settlement of policies or securities.] 105. An instrument chargeable with ad valorem duty as a settlement in respect of any money, stock, or security is not be charged as to be charged with any further duty by reason of containing securities. Where several valorem duty. Conditions and agree ments as to stamp duty void. Instruments relating to Crown pro perty. As to instruments charged with duty of 358. provision for the payment or transfer of the money, stock, or security, or by reason of containing, where the money, stock, or security is in reversion or is not paid or transferred upon the execution of the instrument, provision for the payment, by the person entitled in possession to the interest or dividends of the money, stock, or security, during the continuance of such possession, of any annuity or yearly sum not exceeding interest at the rate of four pounds per centum per annum upon the amount or value of the money, stock, or security. 106.-(1.) Where several instruments are executed for effecting the settlement of the same property, and the ad valorem duty chargeable in respect of the settlement of the property exceeds ten shillings, one only of the instruments is to be charged with the ad valorem duty. (2.) Where a settlement is made in pursuance of a previous agreement upon which ad valorem settlement duty exceeding ten shillings has been paid in respect of any property, the settlement is not to be charged with ad valorem duty in respect of the same property. (3.) In each of the aforesaid cases the instruments not chargeable with ad valorem duty are to be charged with the duty of ten shillings. Miscellaneous. 117. Every condition of sale framed with the view of precluding objection or requisition upon the ground of absence or insufficiency of stamp upon any instrument executed after the sixteenth day of May one thousand eight hundred and eighty-eight, and every contract, arrangement, or undertaking for assuming the liability on account of absence or insufficiency of stamp upon any such instrument or indemnifying against such liability, absence, or insufficiency, shall be void. * 119. Except where express provision to the contrary is made by this or any other Act, an instrument relating to property belonging to the Crown, or being the private property of the sovereign, is to be charged with the same duty as an instrument of the same kind relating to property belonging to a subject. 120. Any instrument which by any Act passed before the first day of January one thousand eight hundred and seventyone and not relating to stamp duties, is specifically charged with the duty of thirty-five shillings, shall be chargeable only with the duty of ten shillings in lieu of the said duty of thirty-five shillings. 121. All fines imposed by this Act are to be sued for and Recovery of recovered by information in the High Court in England in penalties. the name of the Attorney-General for England. 122.-(1.) In this Act, unless the context otherwise re- Definitions. quires, The expression "Commissioners means Commissioners of The expression "material" includes every sort of material The expression "instrument" includes every written docu ment: The expression "stamp" means as well a stamp impressed by means of a die as an adhesive stamp: The expression "stamped," with reference to instruments and material, applies as well to instruments and material impressed with stamps by means of a die as to instruments and material having adhesive stamps affixed thereto : The expressions "executed" and "execution," with reference to instruments not under seal, mean signed and signature: The expression "steward" of a manor includes deputysteward. 124. This Act shall come into operation on the first day of CommenceJanuary one thousand eight hundred and ninety-two. The following are among the stamp duties on instruments AGREEMENT or CONTRACT, accompanied with £ s. d. APPOINTMENT of a new trustee, and APPOINT- And see section 62. APPOINTMENT of a gamekeeper. See DEPUTA TION. ASSIGNMENT or ASSIGNATION. By way of security, or of any security. See Upon a sale, or otherwise. See CONVEYANCE. 0 10 0 ment. BOND, COVENANT, or INSTRUMENT of any £ s. d. kind whatsoever. (1.) Being the only or principal or primary security for any annuity (except upon the The same ad valorem duty as a bond or covenant for such amount. For a definite and certain period, so For every 51., and also for any frac- (2.) Being a collateral or auxiliary or additional Where the total amount to be ulti- In any other case: total 026 The same ad valorem duty as a bond or covenant of the same kind for such total amount. For every 57., and also for any frac- (3.) Being a grant or contract for payment of a For every 51., and also for any fractional CONDITIONAL SURRENDER of any copyhold CONVEYANCE or TRANSFER, whether on sale or otherwise, (1.) Of any stock of the Bank of England 0 0 6 006 079 (2.) Of any stock of the Government of Canada inscribed in books kept in the United |