Promissory Note for the payment, in any other manner than to the bearer on demand, but not exceeding two months money Amounting to 40s., and not exceeding 57. 58. 010 0 1 6 020 Exceeding 501., not exceeding 1007. These notes are not to be re-issued after being once paid. 0 26 Promissory Note for the payment, either to the bearer on The notes are not to be re-issued after being once paid. [*84] 046 050 0 60 0 86 0 10 6 *Promissory note for the payment, to the bearer or otherwise, at any time exceeding two months after date, or sixty days after sight, of any sum of money— Amounting to 408., and not exceeding 51. 58. Exceeding 51. 58., not exceeding 201. 0 1 6 020 These notes are not to be re-issued after being once paid. Promissory note for the payment of any sum of money by instalments, or for the payment of several sums of money at different days or times, so that the whole of the money to be paid shall be definite and certain. The same duty as on a promissory note, payable in less than two months after date, for a sum equal to the whole amount of the money to be paid. And the following instruments shall be deemed and taken to be promissory notes, within the intent of this schedule, viz: All notes promising the payment of any sum or sums of money out of any particular fund, which may or may not be available; or upon any condition or contingency, which may or may not be performed or happen; if the same shall be made payable to the bearer or to order, or if the same shall be definite and certain, and not amount in the whole to twenty pounds. And all receipts for money deposited in any bank, or in the hands of any banker or bankers, which shall contain any agreement or memorandum, importing that interest shall be paid for the money so deposited. Exemptions from Duties on Promissory Notes. [*85] All notes, promising the payment of any sum or sums *of money out of any particular fund, which may or may not be available; or upon any condition or contingency, which may or may not be performed or happen; where the same shall not be made payable to the bearer or to order, and also where the same shall be made payable to the bearer or to order, if the same shall amount to twenty pounds, or be indefinite. And all other instruments, bearing in any degree the form or style of promissory notes, but which in law should be deemed special agreements, except those hereby expressly directed to be deemed promissory notes. But such of the notes and instruments here exempted from the duty on promissory notes, shall nevertheless be liable to the duty which may attach thereon, as agreements or otherwise. Exemptions from the preceding and all other Stamp Duties. All promissory notes for the payment of money, issued by the Governor and Company of the Bank of England. PROTEST of any bill of exchange or promissory note for any sum of money— Not amounting to 201.. Amounting to 207., not amounting to 1007. Amounting to 1007., not amounting to 5007.. Protest of any other kind And for every sheet or piece of paper, parchment, or vellum, upon which the same shall be written, after the first, a further progressive duty of .0 5 0 It is necessary to observe, that the eighth section of the present general stamp act declares that all the regulations in former stamp acts(d) are still in force, so far as the same are applicable to the duties granted by that act. Among these are the following: The 31 Geo. 3, c. 25, s. 19, enacts, that unstamped bills, notes, or drafts shall not be admissible in evidence, or available in law or equity. *The same section prohibits the commissioners from stamp[*86] ing any bill or note after it is made. But the 37 Geo. 3, c. 136, ss. 5 & 6, authorizes the commissioners to restamp any bill or note on which has been affixed a stamp of a wrong denomination, but of value equal or superior to the proper stamp, on payment of a penalty of 10s. if the bill or note be not due, and 107. if it be.(e) The 43 Geo. 3, c. 127, s. 6, enacts, that every instrument bearing a stamp of greater value than required by law, shall be valid, if of the proper denomination. And, by the present act, 55 Geo. 3, c. 184, s. 10, it will be seen that though the stamp be of a wrong denomination, if of sufficient (d) Field v. Woods, 7 Ad. & E. 114; 2 Nev. & P. 117. S. C. (e) See Bradley v. Bardsley, 15 L. J. 115, Exch.; 3 D. & L. 476, 14 M. & W. 873, S. C. value, it will be valid, unless on the face of it specifically appropriated to some other instrument. And in this last case, it is apprehended that a bill or note may be restamped under the 37 Geo. 3, c. 136, ss. 5 and 6.(ƒ) A promissory note, which amounts to a mortgage, may be impressed with the mortgage stamp after it is made.(g) It is sufficient if an instrument be properly stamped according to the law at the time the stamp is affixed, although a higher stamp should have been necessary at the time the instrument was executed.(h) From the foregoing and other statutes, it will appear that the following instruments are exempt from duty. 1. All such bills or notes under 40s. as may be issued without violating the provisions of the 17 Geo. 3, c. 30, and the 48 Geo. 3. c. 88. 2. Bank of England bills and notes.(i) 3. Notes for one pound, one guinea, two pounds, and two guineas, payable to the bearer on demand, issued by the Bank of Scotland, Royal Bank of Scotland, or the British Linen Company in Scotland.(k) 4. Bills or notes issued by bankers paying a composition in lieu of stamps, pursuant to 9 Geo. 4, c. 23.(1) 5. Bills drawn for the expenses of the army and navy.(m) *6. Checks on bankers. 7. Notes of loan societies.(n) [*87] The requisites for bringing checks within the exemption have been discussed in the Chapter on CHECKS. Promissory notes, payable to bearer on demand, made out of Great (f) See Chamberlain v. Porter, 1 N. Rep. 30. (g) Wise v. Charlton, 4 Ad. & E. 786; 6 Nev. & M. 364; 2 Har. & W., 49, S. C. (h) Doe v. Whittingham, 4 Taunt. 20; Buckworth v. Simpson, 1 C., M. & R. 831; Deakin v. Pennial, 2 Ex. Rep. 320. (i) 55 Geo. 3, c. 184. s. 21; 7 & 8 Vict. c. 32, s. 7. (k) Sect. 23. (1) And see 7 Geo. 4, c. 46, s. 16. (m) 55 Geo. 3, c. 184, Sched. part 1. (n) See 5 & 6 Wm. 4, c. 23; 3 & 4 Vict. c. 110; 5 & 6 Vict. c. 4; 6 & 7 Vict. c. 41; 7 & 8 Vict. c. 54. Although the form of note given only, yet a joint and several note is within the exemption. 5 M. & G. 439; see ante, p. 54. by the statute be joint Bradburn v. Whitbread, Britain, cannot be negotiated or paid, unless stamped as notes made in Great Britain, under the penalty of 201.(0) The making, issuing, accepting, or paying, any bill, note or draft, not falling within the above exemptions, and not duly stamped, subjects to the penalty of 501.(p) The 55 Geo. 3, c. 184, s. 29, excepts notes made and payable in Ireland. Post dating bills or notes, so as to evade the higher rate of duty, subjects to the penalty of 1007.(q) Notes payable to the bearer on demand, for any sum not exceeding 1007., duly stamped according to the 55 Geo. 3, c. 184, may be reissued after payment, as often as may be thought necessary, without a new stamp,(") provided an annual license for that purpose be taken out.(8) Re-issuing notes, against the provisions of the act, subjects the person re-issuing them to a penalty of 50%., and the duty; and any person knowingly taking them, to a penalty of 201.(t) But the payment mentioned in the act, after which bills and notes cannot be re-issued, is a payment at maturity.(u) Issuing re-issuable notes, without a license, subjects to the penalty of 1007.(v) It has been held, under the former acts, that where a bill is made payable to the drawer's own order, and returned to the drawer and paid by him, he may without a fresh stamp, indorse the bill over to a new party, who may sue the acceptor.(w) But is otherwise if the payee were a *third person.(x) Or if the drawer were the [*88] party ultimately liable to pay the bill.(y) As to stamps on foreign bills, see the Chapter on FOREIGN BILLS. As to the stamps on Irish or Colonial bills, see the same Chapter (0) 55 Geo. 3, c. 184, s. 29. (p) Sect. 11. (q) Sect. 12. (r) Sect. 14. (s) Sects. 24, 25, 26, 27, 28; and see 9 Geo. 4, c. 23, ss. 1 and 12. (t) Sect. 19. Holroyd v. Whitehead, 1 Marsh. 128. (u) Morley v. Culverwell, 7 M. & W. 174, by the party primarily liable; see Bartrum v. Caddy, 9 Ad. & E. 275; 1 Per. & D. 207, S. C. (v) Sect. 27. (w) Callow v. Lawrence, 3 M. & Sel. 95. (x) Beck v. Robley, 1 H. B. 89; and see Graves v. Key, 3 B. & Ad. 313. (y) Lazarus v. Cowie, 3 Q. B. Rep. 465. |