gage for the amount or value of the said money or stock, and, in any other case, with a duty of 17. 15s.

Progressive duties.]-The progressive duties are chargeable in like manner as upon all other deeds and instruments chargeable under the head of mortgage.

Reconveyances under benefit building societies, how exempted from stamp duties.]-Reconveyances of property mortgaged under the Benefit Building Societies Act (6 & 7 Will. 4, c. 32), whether in fee or otherwise, may be effected by a simple endorsement of the mortgage deed, without any stamp duties becoming chargeable in respect of such reconveyance or reinvestment of the mortgaged premises: (sect. 5.)

As to mortgages by demise.]—Neither, it seems, will any of the duties upon a reconveyance, surrender, discharge or renunciation attach upon a receipt endorsed on a deed of mortgage by demise, by which the mortgagee acknowledges the satisfaction of the mortgage debt, and thereby causes a cessor of the mortgage term under the provisions of the act: (8 & 9 Vict. c 112.)

As to copyholds.]-But in the case of a re-surrender and re-admission to copyhold premises upon paying off of a mortgage, the Commissioners of Inland Revenue have decided that a 17. stamp will be required upon the re-admission of the mortgagor, in addition to the stamp duties chargeable upon the reconveyance. The reasons assigned were, that the admissions mentioned are only upon a sale or mortgage, and do not therefore affect a case like the present, which is still determined by the former stamp acts: (16 L. T. 184.)

IV. STAMP DUTIES UPON WARRANTS OF ATTORNEY.

Amount of duties now chargeable upon warrants of attorney.] -Warrants of attorney given as a security for the payment of money, or the transfer of stock, are chargeable with the same duty as on a mortgage or bond for the like purpose, except where such payment or transfer shall be already secured by a bond, mortgage, or other security which shall have paid the proper ad valorem duty on bonds or mortgages imposed by law at the date thereof, exceeding in amount the sum of 5s.; and also, except where the warrant of attorney shall be given for securing any sum or sums of

money exceeding 2007., for which the person giving the same shall be then in actual custody under an arrest or mesne process, or in execution; and in those excepted cases a duty of 5s. will be chargeable. And all warrants of attorney not otherwise charged are now charged with a duty of 17. 15s.: (13 & 14 Vict. c. 97, schedule, WAR WARRANT OF ATTORNEY.)

CHAPTER X.

REDEEMABLE ANNUITIES.

Of the nature of annuities generally.] — Annuities are sometimes granted as securities for moneys advanced, the grantor being authorized to redeem the charge upon repayment of the consideration, and all arrears payable in respect of the annuity. These annuities are granted either during the life of the grantor or the grantee, and may be charged either upon real estate, or other property or funds, or they may rest only upon the grantor's mere personal security. But whether an annuity be issuing out of real or personal property, or resting only on the mere personal covenant of the grantor, the personal quality of the annuity is applicable to him alone, and not to any of the remedies for securing its payment; for, with respect to its mode of transmission, it may in either case be made to possess the properties of real estate, and, if limited to a man and his heirs, will descend to his heirs instead of his executors: (Turner v. Turner, Ambl. 782.)

As to annuities chargeable upon real estate.]-Where an annuity is chargeable on real estate, the grantee's solicitor must ascertain that the grantor has a sufficient estate and interest in the premises to create the charge, and that the annual value of the property is sufficient to secure its pay

ment.

How the grants of redeemable annuities are usually penned.] -Where an annuity is granted out of an estate in fee of freehold estates, the property is either conveyed to trustees to the use and intent that the grantee shall receive thereout the annuity during his lifetime, or the lifetime of the grantor, or some other stated period, payable either half-yearly, quarterly, or at some other stated times, together with such

proportional part as may accrue due between the last payment and the death of the grantee (see the form 2 Con. Prec., Part V., Section XIII., No. IV., pp. 496, 471); or the annuity is granted at once to the grantee, and a term is demised to a trustee (generally a term of ninety-nine years determinable on the grantee's decease) upon trust for secur ing the annuity. Powers of distress are generally inserted, although not necessary to confer that right where the annuity is created for a life or lives out of a freehold estate, because the act (43 Geo. 3, c. 28, s. 5) empowers such an annuity to be distrained for as a rent seck; but where the annuity is granted only for years, or in any case where it issues out of a chattel interest, a power of distress will be requisite to confer that right, unless the grantee has also the reversion in the property charged.

Powers of entry.]-A power of entry to secure arrears of payment is also generally inserted after the power of distress, and in all cases where the grantor can confer the privilege, it is usual to provide that the possession of the grantee, under such entry, is to be without impeachment of waste; but if the grantor's right is at all questionable, the clause should be qualified by adding at the end of it "so far as the grantor is able to confer that privilege:" (see the form 2 Con. Prec., Part V., Section XIII., No. II., clause 6, p. 456, 2nd edit.)

Powers of sale.]-Powers of sale are also generally added to the two former powers, by which the trustee or trustees for the grantee are authorized by sale or mortgage to raise a sufficient sum to pay all arrears of the annuity (see the form 2 Con. Prec., Part V., Section XIII., No. II., clauses 9, 10, & 11, pp. 457, 458, 2nd edit.), or absolutely to sell the property with which the annuity is charged, and invest the proceedings of such sale, and apply the interest in satisfaction of the annuity, paying over the surplus moneys, if any, to the grantor: (see the form 2 Con. Prec., Part V., Section XIII., No. IV., clauses 8 to 16 inclusive, pp. 472, 474, 2nd edit.)

Covenants.]-The usual covenants entered into by the grantor of an annuity are to pay the annuity, that he has good right to charge the premises with the same, and to convey or demise such premises, as the case may be, for the purpose of securing such annuity, and also for further

assurance: (see the form 2 Con. Prec., Part V., Sect. XIII., No. II., clauses 12 to 14 inclusive, pp. 559, 560, 2nd edit.) A covenant to insure against damage by fire ought to be inserted where any considerable portion of the property charged consists of houses or other buildings likely to be injured or destroyed by fire: (see the form 2 Con. Prec., Part V., Section XIII., No. II., clause in notis, p. 460, 2nd edit.)

Proviso to repurchase.]—The proviso for redemption or repurchase is usually in the form of a separate testatum clause, by which the grantee covenants that the grantor shall be at liberty to redeem the annuity upon certain terms therein mentioned, which terms being complied with the annuity shall cease: (see the form 2 Con. Prec., Part. V., Section XIII., No. I., clause 10, p. 452.)

Where the annuity is charged on leasehold property.]— With a very slight variation the same form of assurance may be adopted where the annuity is charged upon leasehold property, as when charged upon freehold estates. It will be proper, however, to recite the lease, so as to show what estate and interest the grantor actually takes in the premises: (see the form 2 Con. Prec., Part V., Section XIII., No. II., clause A. in notis, p. 454, 2nd edit.)

Where the annuity is chargeable upon copyholds.]-Where an annuity is chargeable upon copyholds, it is a common practice for the grantor to covenant to surrender them to the grantee, with a condition for avoiding such surrender in case the grantor shall duly pay the annuity, with power of sale or mortgage in default thereof; and a declaration that the proceeds of such sale or mortgage shall be inserted, and a sufficient portion of the interest or dividends thereof applied in discharge of the annuity, the remainder to be paid over to the grantor. In addition to the usual covenant for payment of the annuity, the grantor covenants that he has good right to surrender, for peaceable enjoyment and freedom from incumbrances, and for further assurance, concluding with the usual clause empowering grantor to repurchase: (see the form 2 Con. Prec., Part V., Section XIII., No. V., pp. 477, 481.)

Where the annuity is secured upon stock.]-Sometimes the payment of an annuity is secured upon life interests in stock in the funds. In assurances of this kind, it is usual to recite the