Lease-continued.

at rate not exceeding £10; also, lease of
furnished dwelling-house or apartment,
and any duplicate of such lease, may be
stamped with an adhesive stamp, which
must be cancelled.

(2.) For any definite or for any indefinite term—
Of lands, tenements, or heritable subjects
where the consideration is money, stock, or
security-conveyance on sale duty.

Where the consideration is rent

If the term is definite, not exceeding 35 years,
or indefinite-

6d. for every £5 up to £25; then 2s. 6d.
for every £25 up to £100; and 5s.
for every £50 above that sum.

If the term is above 35 years, but not exceed-
ing 100 years-

3s. for every £5 up to £25; then 15s.
for every £25 up to £100; and

£1, 10s. for every £50 above that

Subsequent lease following thereon, .
See No. 11.

46. Marriage-Contract. See Nos. 15, 27, and 65.

47. Mortgage. See No. 15.

48. Mutual Disposition or Conveyance in Scotland. See

Nos. 24, 25, 27, 38, 65, and 68.

49. Notarial Act

From 31st August 1815 to 6th August 1861, 58.;

and for every sheet of paper, &c., after the first,

5s.

£0 10 0

. 0 0 6

duty.

In every other case except where expressly pro-
vided for, a progressive duty of 10s.

Under 2160, leading stamp.

Under 3240, leading stamp and 1 progressive.
Under 4320, leading stamp and 2 progressive.
And so on.

This duty was abolished by the 1870 Act.

53. Promissory Note, see No. 14.

56. Real Burden. See Nos. 8 and 15.

57. Release, Reconveyance, Renunciation. See Nos. 32 and

59. Relinquishment of Superiority—

If onerous. See No. 24.

If gratuitous. See No. 32.

60. Resignation, Charter or Instrument of, whether subjects

held burgage or of a subject superior—

From 31st August 1815 to 10th October 1850, 9s.;
progressive duty, 9s.

From 10th October 1850 to 1st January 1871, 58. ;

progressive duty, 5s.

£0 5 0

010 050

010

0 10 0

*61. Resignation, Writ of, where lands held of subject
superior-

From 1st October 1858 to 1st January 1871, 5s. ;
progressive duty, 5s.

Resignation was abolished by the 1874 Act.

62. Restriction, deed of, regarded as liable to 6d. per cent.

on amount of bond up to 10s.

63. Revocation of any use or trust, by any deed not a will, £0 10 0 64. Sasine. See Nos. 42 and 49.

65. Settlement

For every £100 or part thereof,

When a policy or non- marketable security is
settled-ad valorem on money to become pay-
able :-

(1.) Where no provision is made for
keeping up the policy-on the value
at the date of executing the deed.

(2.) In such case if the deed contains a
statement of the value of the policy—
on such value.

66. Share Certificates. See No. 4, 24.

67. Submission. See No. 2.

This includes nominations of arbiters under the

Lands Clauses Act 1845.

68. Testamentary deeds-exempt from duty after 3rd April

1860.

69. Transfer in favour of new Trustees

From 31st August 1815 to 1st January 1871. See
No. 32.

If there is more than one deed, and one is stamped
with the ordinary duty of 35s., duplicate duty
is (after 6th August, 1861), enough for the
others.

After 1st January 1871.

See No. 10.

70. Valuation. See No. 6.

71. Voting Paper. See No. 11.

72. Writ of Acknowledgment—

Under Registration of Leases Act,

In favour of heir or disponee, of a creditor,
These are only the deeds most commonly met
with in general practice, and for the stamps
appropriate to any deeds omitted reference
may be made to the Stamp Acts.

0 5 0

050

050

Specific duty was only imposed on those marked on 1st October 1860, but previously they were held liable to the duties under Nos. 17(a), 20, 60.

Division II.

CHAPTER I.

BILLS OF EXCHANGE; PROMISSORY NOTES; AND

CHEQUES.

THE law regarding (1) bills of exchange, (2) promissory notes, and (3) cheques, has been codified, to a great extent, by the Bills of Exchange Act, 1882 (45 and 46 Vict. c. 61), which came into operation on 18th August,

1882.

I. BILLS OF EXCHANGE.

The subject of bills of exchange may be dealt with under the following heads :

I. DEFINITION, FORM, AND DRAWING OF BILLS OF

EXCHANGE.

II. ACCEPTANCE OF BILLS.

III. NEGOTIATION OF BILLS

1. Indorsation.

2. Negotiation of Overdue, or Dishonoured Bill, or of Bill to Party already liable thereon. 3. General Duties of Holder-Presentment for Acceptance, or for Payment, and Notice

of Dishonour by Non-acceptance or Nonpayment.

4. Rights of Holders.

5. Acceptance or Payment for Honour.

6. Noting and Protesting of Bills.

IV. DISCHARGE OF BILLS.

V. SUMMARY DILIGENCE ON BILLS.

VI. INTERNATIONAL QUESTIONS relating to Bills.

I. DEFINITION, FORM, AND DRAWING OF BILLS OF

EXCHANGE.

bill.

A Bill of Exchange is an unconditional order either in Definition of writing or in print, "addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer." An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange. See Bills of Exchange Act, 1882, §§ 2, 3 (1) (2).

bill

The (2) Drawee;
(3) Acceptor;

The maker of a bill is called the drawer. The person Parties to to whom it is addressed is called the drawee before he (1) Maker; accepts it, and the acceptor after he accepts it. person to whom it is payable is called the payee, may be either the maker of the bill or another party. the payee transfers a bill by indorsation and delivery, he (5) Indorser ; is then called the indorser, and the person in whose favour

who (4) Payee; If

by delivery;

he indorses it, is called the indorsee. The holder of a bill (6) Indorsee; is the payee or indorsee who is in possession of it, or the (7) Holder; bearer thereof, § 2. When the holder of a bill payable to (8) Transferor bearer transfers it by delivery without indorsing it, he is called a transferor by delivery, § 58. The drawer or any (9) Referee in indorser of a bill may insert in it the name of a person case of need; to whom the holder may, in his option, resort in case the bill is dishonoured by non-acceptance or non-payment, and such person is termed a referee in case of need, § 15. An accommodation party is a person who, without receiv- (10) Accommoing value therefor, has signed a bill as drawer, acceptor, or indorser, for the purpose of lending his name to

dation party.