Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1892-1893

STAMP DUTIES, ETC.
867
Mortgage of Stock, or Marketable Security
— under hand only. See Agreement as to
definite and certain sum of money advanced or lent
at the time, or previously due and owing, or for-
borne to be paid, being payable, or for the repay-
ment 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 charge, wadset, and heritable bond,
disposition, assignation, or tack in security,
and eik to a reversion of or affecting any lands,
estate, or property, real or personal, heritable
or moveable, whatsoever : and
(J>.) Any deed containing an obligation to infeft
any person in an annual rent, or in lands or
other heritable subjects in Scotland, under a
clause of reversion, but without any personal
bond or obligation therein contained for pay-
ment of the money or stock intended to be
secured : and
(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 such
conveyance is made for the benefit of creditors
generally, or for the benefit of creditors speci-
fied who accept the provision made for pay-
ment of their debts in full satisfaction thereof,
or who exceed five in number : and
(d.~) Any defeazance, letter of reversion, back
bond, declaration, or other deed or writing for
defeating or making redeemable or explaining
or qualifying any conveyance, disposition, as-
signation, or tack of any lands, estate, or pro-
perty whatsoever, apparently absolute but in-
tended only as a security : and
(e.) Any agreement (other than an agreement
chargeable with duty as an equitable mort-
gage), contract, or bond accompanied with a
deposit of title-deeds for making a mortgage,
wadset, or any other security or conveyance
as aforesaid of any lands, estate, or property
comprised in the title-deeds, or for pledging or
charging the same as a security : and
(/.) Any deed whereby a real burden is declared
or created on lands or heritable subjects in
Scotland.
(£r.) Any deed operating as a mortgage of any
stock or marketable security.
Meaning of ' Equitable Mortgage.' 1 — (2.) For pur-
pose of act ' equitable mortgage ' means an agree-
ment or memorandum under hand only relating to
deposit of 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.
Security for stock to be charged as a sum equal to
value of it. — § 87 (1.) A security for the transfer or
retransfer of any stock is to be charged with the
same duty as a similar security for a sum of money
equal in amount to the value of the stock ; and a
transfer, assignment, disposition, or assignation of
any such security, and a reconveyance, release, dis-
charge, surrender, resurrender, warrant to vacate,
or renunciation of any such security, is to be
charged with the same duty as an instrument of
the same description relating to a sum of money
equal in amount to the value of the stock.
Security for repayment of a sum by periodical
payments, mortgage for sum. — (2.) A security for
the payment of any rent charge, annuity, or periodi-
Mortgage of Stock, etc. By deed. See
Mortgage, and § 8G in Note.
Mutual Disposition. See Exchange.
Notarial Act of any kind whatsoever (except a
protest of a bill of exchange or promissory
note, or any notarial instrument to be expeded
and recorded in any register of sasines), Is.
And see Protest and Seisin.
(See Note a.)
Notarial Instrument to be expeded and recorded
in any Eegister of Sasines. (See Seisin). ..5s.
Order for the payment of money. See Bill of
Exchange, and § 32 in Note.
Partition or Division. See Exchange.
cal payments, by way of repayment, or in satisfac-
tion or discharge of any loan, advance, or payment
intended to be so repaid, satisfied, or discharged, is
to be charged with the same duty as a similar
security for the payment of the sum of money so
lent, advanced, or paid.
Transfers and further charges not liable in respect
of anything as to transferred or previous security. —
(3.) A transfer of a duly stamped security, and
a security by way of further charge for money or
stock, added to money or stock previously secured
by a duly stamped instrument, is not to be charged
with any duty by reason of its containing any further
or additional security for the money or stock trans-
ferred or previously secured, or the interest or
dividends thereof, or any new covenant, proviso,
power, stipulation, or agreement in relation thereto,
or any further assurance of the property comprised
in the transferred or previous security.
As to mortgage with conveyance of equity of re-
demption. — (6.) An instrument chargeable with
ad valorem duty as a mortgage is not to be charged
with any other duty by reason of the equity of re-
demption in the mortgaged property being thereby
conveyed or limited in any other manner than to,
or in trust for, or according to the direction of, a
purchaser.
Security for future advances, where limited, to be
charged on amount so limited. — § 88 (1.) A security
for the payment or repayment of money to be lent,
advanced, or paid, or which may become due upon
an account-current, either with or without money
previously due, is to be charged, where the total
amount secured or to be ultimately recoverable is
in any way limited, with the same duty as a secu-
rity for the amount so limited.
If not, limited, available for sum stamp will cover.
— (2.) Where such total amount is unlimited, the
security is to be available for such an amount only
as the ad valorem duty impressed thereon extends
to cover, but where any advance or loan is made
in excess of the amount covered by that duty, the
security shall, for the purpose of stamp duty, be
deemed to be a new and separate instrument,
bearing date on the day on which the advance or
loan is made.
A dvancesfor insurance not liable. — (3.) Provided
that no money to be advanced for the insurance
of any property comprised in the security
against damage by fire, or for keeping up any
policy of life insurance comprised in the security,
or for effecting in lieu thereof any new policy, or for
the renewal of any grant or lease of any property
comprised in the security upon the dropping of any
life whereon the property is held, shall be reckoned
as forming part of the amount in respect whereof
the security is chargeable with ad valorem duty.
a. § 90. The duty upon a notarial act, and upon
the protest by a notary-public of a bill of exchange
or promissory note, may be denoted by an adhesive
stamp, which is to be cancelled by the notary.