Enrolment not necessary in a disposition of copyholds.]— Enrolment is in no case necessary to the validity of a disentailing assurance of copyholds, whether it be effected by deed or by surrender, otherwise than by entry on the court rolls: (sect. 54.)

As to disentailing assurances of equitable estates tail in copyholds.]-The Fine and Recovery Substitution Act (3 & 4 Will. 4, c. 74) empowers an equitable tenant in tail of copyholds to dispose of them under the act by deed to be entered on the court rolls: (see the form 1 Con. Prec., Part II., Section IV., No. IX., p. 352, 2nd edit.) If the protector consents by a separate deed, it must be executed previously to, or simultaneously with, the disposition, and is to be entered on the court rolls.

VIII. AS TO THE PREPARATION OF THE CONVEYANCE WHERE THE SALE IS MADE UNDER A DECREE.

By whom the conveyance is to be prepared.]-Where sales are made under a decree, the purchaser's solicitor is the proper person to prepare the conveyance, which he does at his client's expense; when so prepared, a fair copy of the draft is sent to the several conveying parties, or their solicitors for their approval, in the same manner as in the case of ordinary sales.

Where objections are taken to the draft.]-If any objections are taken to the draft, about which the solicitors for the various parties are unable to agree, the draft is transmitted to the conveyancing counsel to be settled by him: (Ayck. 437.) Where a deed is settled by the court, it is sent to the judge's chambers, and from the judge's chambers it is sent to the conveyancing counsel: (ib.)

As to the engrossment, execution, and attestation.]—The draft, when settled and approved, is engrossed by the purchaser's solicitor, and executed by the parties in the same manner as any other conveyance, the costs of which execution are in like manner paid by the vendor.

Course to be adopted if any of the parties refuse to execute.] -In case any of the parties should refuse to execute the conveyance, the proper course to pursue will be to produce the engrossment of the deed in court, where it will be marked by the registrar; and upon an affidavit that the draft has been

settled and approved by the conveyancing counsel, and that the engrossment is a true copy of such draft, an order will be made for the execution of the deed by the party; (Harvey v. Brooke, 22 L. J. 14.) If the deed has been settled in chambers, the order is obtained on production of the certificate of the chief clerk, that the deed has been settled: (Ayck. 437, 2nd edit.) Upon service of the order and non-compliance, a vesting order may be obtained : ib. and see Smith, 613, 2nd edit.)

CHAPTER V.

STAMP DUTIES.

I. STAMP DUTIES ON THE CONVEYANCE OR TRANSFER OF REAL PROPERTY.

II. PROGRESSIVE DUTIES.

III. DUTIES CHARGEABLE UPON THE SURRENDERS AND ADMITTANCES TO COPYHOLDS OR OTHER CUSTOMARY ESTATES.

IV. ERRORS AND OMISSIONS, HOW REMEDIED.

1. Where the wrong stamps have been used.

2. Where the instruments are unstamped at the time of
execution.

3. As to the stamping of instruments executed abroad.
4. Allowance for spoiled stamps.

5. By whom the expenses of re-stamping instruments must
be borne.

I. STAMP DUTIES ON THE CONVEYANCE OR TRANSFER OF

REAL PROPERTY.

Origin and progress of stamp duties upon the conveyance or transfer of real property.]-Stamp duties upon the conveyance or transfer of real property are included amongst the various subjects upon which these duties were instituted and imposed by the statute 5 & 6 Will. & M. c. 21. By several subsequent enactments additional duties were granted, which at length caused such a perplexing accumulation that it was found expedient to consolidate them. This was done by the statute 44 Geo. 3, c. 98. But, under the above-mentioned acts, the stamp duties on conveyances were uniform, and without reference to the amount of the purchase moneys, no ad valorem duties being imposed upon assurances of this kind until the passing of the statute 48 Geo. 3, c. 149, by which a duty was imposed commencing at 15s. and increasing to 500l. The statute 53 Geo. 3, c. 108, also contains various

provisions relating to ad valorem duties on conveyances, the whole of which were superseded by the General Stamp Act (55 Geo. 3, c. 184), which imposed another scale of duties in lieu thereof; which last-mentioned duties have again been superseded by the statute 13 & 14 Vict. c. 97, which also establishes a new scale of ad valorem duties, being those which are now required to be adopted upon all conveyances of real property.

Amount of stamp duties, how regulated.]—The amount of ad valorem duties on conveyances must now, therefore, be regulated by the last-mentioned enactment; still, as questions must frequently arise in the course of a purchase, upon the stamps under the pre-existing General Stamp Act (55 Geo. 3, c. 184), we subjoin a Comparative Table, showing a scale both of the Old and New Stamp Duties.

Tarious modes of conveyance liable to ad valorem duties.]The terms descriptive of the mode of conveyance upon which the ad valorem duties will attach under the New Stamp Act (13 & 14 Vict. c. 97), are set out in the schedule, as—

Conveyance, whether grant, disposition, lease, assignment, transfer release, renunciation, or of any other kind or description whatsoever, upon the sale of any lands, tenements, rents, annuities, or other property, real or personal, heritable or moveable, or of any right, title, interest, or claim in, to, out of, or upon any lands, tenements, rents, annuities, or other property, (1) that is to say, for and in respect of the principal or only deed or instrument or writing, whereby the lands, or other things sold, shall be granted, leased, assigned, transferred, released, renounced, or otherwise conveyed to, or vested in the purchaser or purchasers, or any other person or persons by his, her, or their direction.

The consideration money must be truly stated in the conveyance.]—The purchase or consideration money shall be truly expressed and set forth in words at length in the principal or only deed of conveyance; and if the consideration consists, either wholly or in part, of any stock or security, that the value thereof shall be ascertained and set forth in like manner in the conveyance.

Penalties for not setting forth consideration truly.]—If the consideration is not truly set forth in accordance with the directions contained in the Stamp Acts (48 Geo. 3, c. 149; 55 Geo. 3, c. 184; 13 & 14 Vict. c. 97), both vendor and purchaser are subjected to a penalty of 501., and also to the payment of five times the amount of the duty beyond what was actually paid; but a purchaser has this advantage over a vendor, that although he shares with the latter in the burden of the penalties, he will be entitled to recover back from him so much of the purchase moneys as shall be untruly set forth in the conveyance: (48 Geo. 3, c. 149, ss. 22 and 23.)

Other parties liable to penalties for not truly setting forth consideration.]—In addition to the vendor and purchaser,

(1) It has been recently held that the sale of the goodwill of a business for a pecuniary consideration requires an ad valorem stamp proportioned to the amount of the purchase money (Attorney-General v. Potter, 23 L. T. Rep. 269), but it seems that choses in action, such as bonds, judgment, or the like, do not come within the definition of other property, real or personal, mentioned in the schedule attached to the Stamp Acts, upon which an ad valorem duty becomes payable: (Warren v. Howes, 2 B. & C. 281; and see 6 ib. 234; 9 ib. 400; Collwell v. Dewson, 14 L. T. Rep. 468.)