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the insurance of the mortgaged premises against fire, and upon any lives for which annuities may be granted; and it has been held, that such disbursements as rent, taxes, repairs, heriots, and customary outgoings, if paid by the mortgagee, may be recovered with interest after the rate reserved on the original loan, though the ad valorem stamp on the mortgage was not of an amount sufficient to have

covered them." Expense of res

If the mortgage provides for the recovery of the newing lease. expenses of renewing leaseholds in mortgage, or of

insuring any of the lives for which they are held, by empowering the mortgagee to expend money for that purpose, and giving him a lien for such amount, an additional stamp would be required ; but a covenant by the mortgagor to lay out money for that purpose would not affect the stamps

The amount intended to be secured must be limited by the deed, and though, as in the case of the preiniums on a life assurance, which were made recoverable in a mortgage-deed, the amount might have been estimated; yet, if no stated limit apo pears on the deed, the highest duty is payable.' Wherever, therefore, the deed contains any provision for the expenditure of any money by the mortgagee, either in the first instance, or in the event of the mortgagor's neglect, for the insurance of any lives, the renewal of leases, or any other purpose not amongst the excepted cases before mentioned, and for charging such money on the mortgaged property, a provision should always be inserted limiting the principal, which may be eventually recoverable upon the securities to a certain amount, which should be the highest amount which the stamp necessarily imposed on the deed will cover. It is laid down in many cases that no duty is charge

* Doe v. Snaith, 8 Bing. 146; Hardy v. Reeves, 4 Ves. 460.

Doe v. Larder, 3 B. N. C. 92.
• Halse v. Peters, 2 B. and Ald. 807.

are

able in respect of interest on the amount of the principal secured.

The general stamp-act imposed the same ad va- Transfers. lorem duties on a transfer of a mortgage as were imposed on the original mortgage itself, except in cases where the person entitled to the right of redemption or reversion was not made a party, or where the original mortgagor (continuing entitled to the right of redemption or reversion) was made a party, but no further sum or stock was added to the principal already secured. The 3d George IV., c. 117, repealed the provision of the 55th George III., so far as they related to the duties on transfer of mortgages, and substituted in lieu thereof other provisions under which many instruments now chargeable with the simple deed-stamp which were previously subject to the original ad valorem duty.

Under the 2d section of that act, any transfer of a mortgage, or other security, comprised within the provisions of the 55th George III., or of the benefit thereof, or of the money secured thereby, is liable only to the deed-stamp of L.1, 15s., with a progressive duty of L.1, 5s., “provided no further sum of money or stock be added to the principal money or stock already secured.” And where any further sum of money or stock is so added, the ad valorem duty is chargeable only in respect of such further sum of money or stock.

Where the transaction amounts substantially to a transfer of a mortgage, a new ad valorem duty will not become payable in consequence of a new proviso for redemption, and a fresh covenant for payment being taken instead of an assignment of the old debt,' which is only necessary where the mort

Robinson, Moody and Rob. 115; Prussing v. Ing, 4 B. and A. 204; Israel v. Benjamin, 3 Camp. 40.

Jarm. Bythe, vol. vi. 269. But see Martin's case, 5 Bing. 160.

u Dixon v.

gagor does not concur in the transfer, though thereby a fresh debt is contracted ; nor is it necessary, in order to avoid the repayment of the ad valorem duty, that the securities should be assigned to or vested in the transferee of the mortgage in the manner in which they were granted to the original mortgagee. Thus the conversion of a mortgage by demise into a mortgage in fee, on the occasion of an assignment of the security, was considered, with reference to the stamp, in the light of a transfer only."

If it is agreed that arrears of interest paid by the assignee to the original mortgagee, or other person making the assignment, should be converted into principal, and itself bear interest, an ad valorem duty for the amount so converted into principal will be payable, as if a further sum had been lent to the mortgagor."

If, however, the person taking the transfer should pay to the mortgagee any amount, however large, of interest or costs due to him on his security, no additional duty would be payable, unless the mortgagor concurred for the purpose of converting such amount into principal, for no agreement between the mortgagee and assignee could, without such concurrence, have the effect of converting interest into principal, or making costs carry interest. When upon an assignment of a mortgage an ad valorem duty is payable on account of a further advance, or a conversion of interest into principal, it is not necessary that there should be an additional deedstamp upon the transfer, and the progressive duty will be only L.l instead of L.1, 5s., which would have been the proper stamp, had no further sum been

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Doe v. Gray, 3 Ad. and El. 89; Paddon v. Bartlett, 4 Nev. and Man. 1; 2 Ad. and El. 9.

Coventry on the Stamp Act, 445 ; Coote on Mortgages, 440.

lent, and the common deed-stamp on the transfer been alone paid.,

Mortgages with a conveyance of the equity of redeinp:ion or reversion in the same deed, to or in trust for, or according to the direction of a purchaser, are chargeable with the ad valorem duty on mortgages and conveyances, but if limited in any other manner, with the mortgage duty only.

In any other cases, any deed or writing, in which a mortgage shall be contained with any other matter, except what shall be incident to such mortgage, shall be charged with the same duties (except the progressive duiy) as such mortgage or other matter would have been separately charged with if contained in separate deeds or writings.

Notarial act not otherwise charged, L.O 5 0 Notarial act.
And for every piece of paper, parch-

ment, or vellum, upon which the
same shall be written after the first,
a progressive duty of

0 5 0
Partition. See Exchange.
Protest of any bill of exchange or

promissory-note for any sum not
amounting to

L.20, L.0 2 0 Amounting to L.20, and not to 100, 0 3 0 100,

500, 0 5 0 500, and upwards, 0 10 0 Protest of any other kind, see Notarial Act.

Release and renunciation of real or personal pro- Release. perty, or of any right or interest therein not other. wise charged or exempted,—the same as common deeds.

Revocation of any use or trust of real or personal property, whether by deed or not, the same as common deeds.

Surrender of any term, or of any freehold or un• Surrender. certain interest in lands or hereditaments not being

Partition,

Protest.

Doe v. Gray, 3 Ad. and El. 89; Doe v. Roe, 4 B. N. C. 737; Doe v. Edwards, 3 Ad. and El. 99.

Warrants of attorney.

Exemptions.

copyhold, not otherwise charged or exempted. See Deed.

Warrants of attorney to confess judgment' as a security for money or stock, are liable to the same stamps as bonds for similar purposes, except where another security upon which the ad valorem duty so paid is also given, and except where it shall be given for securing any sum for which the person giving the same shall be in custody under an arrest, in which cases the duty is L.).

The following are the terms of the general exemptions from all stamp-duties :

All bonds, contracts, mortgages, conveyances, deeds, and instruments whatever, exempted from stamp-duty by the act of the 17th George III., c. 53, or any other act or acts of Parliament now in force for promoting the residence of the parochial clergy, by making provisions for building, repairing, or purchasing houses and other buildings for the use of their benefices.

All affidavits, contracts, mortgages, conveyances, deeds, and instruments whatever, exempted from stamp-duty by the act of the 42d George III., C. 116, or any other act or acts of Parliament now in force relating to the redemption and sale of the land-tax.

All transfers of shares in the government or parliamentary stocks or funds.

All grants, leases, and other conveyances and instruments exempted from stamp-duty by any act or acts of Parliament now in force relating to the land revenues of the crown.

All boudi, contracts, and assignments relating to the transportation of convicts.

2

A cognovit requires no stamp except an agreement stamp, where it contains any agreement; Reardou v. atz, 4 East, 188.

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