to him, or of any covenant relating to the matter of the lease, is to be charged with any duty in respect of such further consideration.

"(3.) No lease for a life or lives not exceeding three, or for a term of years determinable with a life or lives not exceeding three, and no lease for a term absolute not exceeding twenty-one years, granted by an ecclesiastical corporation aggregate or sole, is to be charged with any higher duty than 358."

Adhesive Stamp.] Sect. 99. "The duty upon an instrument chargeable with duty as a lease or tack for any definite term less than a year of:(1.) Any dwelling-house or tenement or part of a dwelling-house or tenement, at a rent not exceeding the rate of 107. per annum. (2.) Any furnished dwelling-house or apartments; or upon the duplicate or counterpart of any such instrument, may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the instrument is first executed."

Decisions on lease stamps.] The Stamp Act makes no distinction between leases under seal, or in writing, not sealed. Goodtitle d. Eastwick v. Way, 1 T. R. 735.

Where a lease contained a demise of two farms with two different habendums and separate reservations of rents and covenants, some applying to one farm and some to another, one ad valorem stamp for the amount of both rents was held sufficient. Blount v. Pearman, 1 ̊N. C. 408; Parry v. Deare, 5 Ad. & E. 551.

An instrument purporting to grant a freehold lease; Stone v. Rogers, 2 M. & W. 443, or a term of years exceeding three; Parker v. Taswell, 2 De G. & J. 559; 27 L. J., Ch. 812; Bond v. Rosling, 1 B. & S. 371; 30 L. J., Q. B. 127; Rollason v. Leon, 7 H. & N. 73; 31 L. J., Ex. 96; Tidey v. Mollett, 16 C. B., N. S. 298; 33 L. J., C. P. 235; Stranks v. St. John, L. R., 2 C. P. 376; but which was ineffectual for want of a seal, could only operate as an agreement, and therefore did not require a lease stamp, but it required an agreement stamp, and when the term does not exceed thirty-five years the stamp is now the same as on a lease (see sect. 96, ante, p. 253). A mere attornment does not require a stamp. Doe d. Linsey v. Edwards, 5 Ad. & E. 95; Accord. Barry v. Goodman, 2 M. & W. 768. The stamp formerly required was regulated by the consideration (whether fine or rent) expressed to be paid, and not by that which was actually paid; Doe d. Kettle v. Lewis, 10 B. & C. 673; but under the present Act this seems to be otherwise. A lease containing an agreement to take the fixtures cannot be given in evidence without a lease stamp, though only used in an action for the value of the fixtures, and though it has an agreement stamp. Corder v. Drakeford, 3 Taunt. 382. A lease containing a distinct agreement, not ancillary to the lease, requires stamps of both kinds. Lovelock v. Franklyn, 8 Q. B. 371; Coster v. Cowling, 7 Bing. 456. But where there is a lease with an agreement contained in it, giving the lessee the option of purchasing the premises within a certain time, only a lease stamp is necessary. Worthington v. Warrington, 5 C. B. 536. Where there was a written lease to A., and an agreement at the end of it by a third person, B., to guarantee to the lessor the payment of moneys to become due from A. to him under the provisions of the lease, a lease stamp and also an agreement stamp were held necessary, B. not being a party to the rest of the instrument. Wharton v. Walton, 7 Q. B. 474. An instrument, not under seal, whereby conservators agree to grant permission, during their pleasure, for the erection of a jetty in their river, subject to the payment to them of a yearly sum,

while it is there, requires only a 6d. agreement stamp. R. Thames, v. Comrs. of Inl. Rev., 18 Q. B. D. 279.

Conservators of

A lease made by the landlord to a vendee of the party, to whom he had agreed to grant it, must recite and be charged upon the consideration paid on the sale to the vendee. Att.-Gen. v. Brown, 3 Exch. 662. Under the Stamp Act, 1870, it is liable to double duty: i.e., the duty as on a lease to the vendor, and the duty as on a sale by him to the vendee.

As to effect of reference by lease to a prior one, see Schedule, post, p. 268.

See Receipt, post, p. 266.

Legacy Receipt.

Letters of Administration.

See Probate, post, p. 264.

Letter of Allotment, Scrip Certificate, &c.

"Letter of allotment or letter of renunciation, or any other document having the effect of a letter of allotment :-(1.) Of any share of any company or proposed company; (2.) In respect of any loan raised, or proposed to be raised by any company or proposed company, or by any municipal body or corporation; (3.) Issued or delivered in the United Kingdom, of any share of any foreign or colonial company or proposed company, or in respect of any loan raised or proposed to be raised by or on behalf of any foreign or colonial state, government, municipal body, corporation, or company:-1d.

"And Scrip certificate, scrip, or other document :-(1.) Entitling any person to become the proprietor of any share of any company or proposed company; (2.) Issued or delivered in the United Kingdom, and entitling any person to become the proprietor of any share of any foreign or colonial company or proposed company; (3.) Denoting or intended to denote, the right of any person as a subscriber in respect of any loan raised or proposed to be raised by any company or proposed company, or by any municipal body or corporation; (4.) Issued or delivered in the United Kingdom, and denoting, or intended to denote, the right of any person as a subscriber in respect of any loan raised or proposed to be raised by or on behalf of, any foreign or colonial state, government, municipal body, corporation or company :-1d."

By 43 & 44 Vict. c. 20, s. 56, "The stamp duty of 1d. on a letter of renunciation may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the letter of renunciation is executed."

Letter of Attorney.

"Letter, or power of attorney, or commission, factory mandate, or other instrument in the nature thereof:

"(1.) For the sole purpose of appointing or authorizing" a proxy at any one meeting at which votes may be given by proxy, whether the number of persons named in such instrument be one or more (34 & 35 Vict. c. 4, s. 4):—1d.

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(3.) For the receipt of the dividends or interest of any stock: "Where made for the receipt of one payment only :—18. "In any other case:-58.

"(4.) For the receipt of any sum of money, or any bill of exchange or promissory note for any sum of money not exceeding 201., or any periodical payments not exceeding the annual sum of 107. (not being herein before charged) :-58.

"(5.) For the sale, transfer, or acceptance of any of the Government or Parliamentary stocks or funds:

"Where the value of such stocks or funds does not exceed 201.-58. "In any other case:-10s.

"(6.) Of any kind whatsoever not hereinbefore described:-108."

Exemptions.] (1.) Letter or power of attorney for the receipt of dividends of any definite and certain share of the Government or Parliamentary stocks or funds producing a yearly dividend of less than 31. (2.) Letter or power of attorney or proxy filed in the Court of Probate in England or Ireland, or in any ecclesiastical court."

Sect. 104. "A writing under hand only containing an order, request or direction from the owner or proprietor of any stock to any company or to any officer of any company, or to any banker, to pay the dividends or interest arising from such stock to any person therein named, is not chargeable with duty as a letter or power of attorney."

Sect. 103. "A letter or power of attorney for the sale, transfer, or acceptance of any of the Government or Parliamentary stocks or funds, duly stamped for that purpose, is not to be charged with any further duty by reason of containing an authority for the receipt of the dividends on the same stocks or funds."

Voting paper, adhesive stamp, &c.] Sect. 102. "(1.) Every letter or power of attorney for the purpose of appointing a proxy to vote at a meeting, and every voting paper, hereby respectively charged with the duty of 1d., is to specify the day upon which the meeting at which it is intended to be used is to be held, and is to be available only at the meeting so specified, or any adjournment thereof. (2.) The said duty of 1d. may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the instrument is executed."

"(4.) Every vote given or tendered under the authority or by means of any such letter or power of attorney or voting paper, not being duly stamped, shall be absolutely null and void. (5.) And no such letter or power of attorney or voting paper shall on any pretence whatever be stamped after the execution thereof by any person.'

Voting papers used under 7 Wm. 4 & 1 Vict. c. 78, ss. 13, 14, at the meeting of the town council of a municipal borough for the election of an alderman do not require a stamp under this Act. R. v. Strachan, L. R., 7 Q. B. 463.

Memorial.

"Memorial to be registered pursuant to any Act of Parliament made or to be made for the public registering of deeds and conveyances. "Where the instrument registered is chargeable with any duty not amounting to 2s. 6d. :-The same duty as the registered instrument. "In any other case:-2s. 6d."

Mortgage.

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Mortgage, bond, debenture, covenant, warrant of attorney to confess and enter up judgment, and foreign security of any kind.

"(1.) Being the only or principal or primary security for the payment or repayment of money not exceeding 251.-8d.; exceeding 251. and not exceeding 501.-18. 3d.; 50l. and not 1007.-2s. 6d. ; 100l. and not 1507.38. 9d.; 150l. and not 2007.-5s.; 2007. and not 2501.-6s. 3d.; 250l. and not 3007.-78. 6d. ; exceeding 3007.-for every 1007., and also for any fractional part of 1007. of such amount, 2s. 6d.

"(2.) Being a collateral, or auxiliary, or additional, or substituted security, or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped-for every 100l., and also for any fractional part of 100l., of the amount secured :-6d." By 51 & 52 Vict. c. 8, s. 14 (5), these duties are extended to any deed operating as a mortgage of any stock or marketable security.

“(3.) Transfer, assignment, disposition, or assignation of any mortgage, bond, debenture, covenant, or foreign security," not being a marketable security (51 & 52 Vict. c. 8, s. 13), "or of any money or stock secured by any such instrument, or by any warrant of attorney to enter up judgment, or by any judgment:-for every 1007., and also for any fractional part of 1007., of the amount transferred, assigned, or disponed:-6d.; and also where any further money is added to the money already secured :—the same duty as a principal security for such further money."

By stat. 51 & 52 Vict. c. 8, s. 13, vide ante, pp. 246, 247, the stamp duty on a transfer of mortgage, &c. (being a marketable security), otherwise than on mortgage, is now the same as on a conveyance.

"(4.) Re-conveyance, release, discharge, surrender, re-surrender, warrant to vacate, or renunciation of any such security as aforesaid, or of the benefit thereof, or of the money thereby secured-for every 1007., and also for any fractional part of 100l., of the total amount or value of the money at any time secured:-6d."

Equitable mortgage.] By stat. 51 & 52 Vict. c. 8, s. 15 (1), "An equitable mortgage effected by an agreement or memorandum under hand only relating to the deposit of any 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," is not now charged with the above duty, see sect. 105, post, p. 258; but the agreement or memorandum is charged as follows:-for every 1007., and any fractional part of 100l., of the amount secured :-18.

Mortgages by deposit of share warrants, &c.] By stat. 51 & 52 Vict. c. 8, s. 14 (2), Every instrument under hand only (not being a promissory note or bill of exchange), given upon the occasion of the deposit of any share, warrant, or stock certificate to bearer, or foreign or colonial share certificate, or any security for money transferable by delivery, by way of security for any loan, shall be deemed to be an agreement, and shall be charged with the duty of 6d. accordingly.

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(3.) Every instrument under hand only (not being a promissory note or bill of exchange), making redeemable or qualifying a duly stamped transfer, intended as a security, of any registered stock or marketable

* By 46 & 47 Vict. c. 55, s. 15, where the amount secured does not exceed 107., the duty is 3d., except in the case of a warrant of attorney.

VOL. I.

security, shall be deemed to be an agreement and shall be charged with the duty of 6d. accordingly.

"(4.) A release or discharge of any such instrument shall not be chargeable with any ad valorem duty."

Definition of mortgage.] Sect. 105. "The term 'mortgage,' means a security by way of mortgage for the payment of any definite and certain 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," ... "of or affecting any lands, estate, or property, real or personal whatsoever:

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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 specified who accept the provision made for payment of their debts in full satisfaction thereof, or who exceed five in number:

66 Also any defeasance, declaration, or other deed or writing for defeating or making redeemable or explaining or qualifying any conveyance, or disposition, of any lands, estate, or property whatsoever, apparently absolute but intended only as a security:

"Also any agreement, contract, or bond accompanied 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."

By sect. 107 (1.) Where the security is for payment of future advances, or a sum to become due on an account current with or without past advance, then if the ultimate amount secured is limited, the duty is on a security for the maximum amount. (2.) Where there is no such limit, the security is to be available only for the amount covered by the stamp impressed.

Sect. 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 transferred 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." See Robinson v. Macdonnell, 5 M. & S. 228.

Sect. 110. " (1.) Where any copyhold or customary lands or hereditaments are mortgaged alone by means of a conditional surrender or grant, the ad valorem duty is to be charged on the surrender or grant, if made out of court, or the memorandum thereof, and on the copy of court roll of the surrender or grant, if made in court." (2.) Where such lands are mortgaged with other lands, the ad valorem duty shall be on the instrument relating to the other property.

By 51 & 52 Vict. c. 8, s. 15 (2), Where the amount to be secured by an equitable mortgage is unascertained or unlimited in the first instance, and the ad valorem stamp is available under sect. 107 (2), supra, for such amount only as the impressed duty covers, such agreement or memorandum shall, for the purpose of stamp duty, be deemed to be a new and separate agreement or memorandum dated on the day on which any