Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1880-1881

G72
STAMP DUTIES, ETC.
(4.) Reconveyance, Release, Discharge, Sur-
render, Eesurrender, Warrant to Vacate,
or Renunciation of any such security as afore-
said, or of the benefit thereof, or of the money
thereby secured, — for every £100, and also
for any fractional part of £100, of the total
amount or value of the money at any time se-
cured, Gd. (See Note «.)
But no release or discharge of mortgage of
any stock or marketable security chargeable
with ad valorem duty, 34 Vict. c. 4, § 5.
a. Interpretation of ' Mortgage? — § 105. The
term ' mortgage ' means a security by way of
mortgage for the payment of any definite and cer-
tain 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 —
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 :
1 Also 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 :
Also any conveyance of any lauds, 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 :
Also 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 :
Also any agreement, contract, or bond accom-
panied with a deposit of title-deeds for making
a mortgage, wadset, or any such other security
or conveyance as aforesaid of any lands, estate,
or property comprised in such title-deeds, or
for pledging or charging the same as a security :
And also any deed whereby a real burden is de-
clared or created on lands or heritable subjects
in Scotland.
Security for stock to be charged as a sum equal to
value of it. — § 10G. 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 such 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, shall 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 such stock.
Security for future advances, where limited, to be
charged on amount so limited. — § 107 (1.) A security
Mutual Disposition or Conveyance in Scotland.
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.
Order for the payment of money. See Bill op -
Exchange, and § 48. (This section defines
' Bill of Exchange.')
Partition or Division. See Exchange.
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.
Advances for insurance not liable. — (3.) Provided
that no money to be advanced for the insurance of
any property comprised in any such security
against damage by fire, or for keeping up any
policy of life insurance comprised in such security,
or for effecting in lieu thereof any new policy, or for
the renewal of any grant or lease of any property
comprised in such security upon the dropping of any
life whereon such property is held, shall be reckoned
as forming part of the amount in respect whereof
the security is chargeable with ad valorem duty.
Security for repayment of a sum by periodical
payments, mortgage for sum. — § 108. A security for
the payment of any rent charge, annuity, or periodi-
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. —
§ 109. No transfer of a duly stamped security, and
no security by way of further charge for money or
stock, added to money or stock previously secured
by a duly stamped instrument, is to be charged
with any duty by reason of 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.
§ 110 refers to copyholds.
As to mortgage with conveyance of equity of re-
demption. — § 111. An instrument chargeable with
ad valorem duty as a mortgage is not to be charged
with anj- 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.
Exemption from stamp duty in favour of benefit
building societies not to extend to Mortgages. — 37
and 38 Vict. c. 42, § 41. As to subsisting societies,
see ib. § 7.
Interpretation of term '•foreign security? — 34 Vict,
c. 4, § 2. The term 'foreign security ' means and
includes every security for money by or on behalf
of any foreign or colonial state, government,
municipal body, corporation, or company, bearing
date or signed after the 3d day of June 1862 (ex-