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LANDED ESTATES COURT ACT 1866 - SECT 5

Land debentures to be deemed mortgages.

5. ... No certificate under that Act shall be deemed to be a deed within the
meaning of the Stamp Acts. A debenture under the said Act shall be deemed to
be a mortgage for the amount of the principal money thereby secured, and a
transfer of a debenture shall be deemed to be a transfer of a mortgage, and
the Court shall frame and promulgate such rules and directions as it shall
consider expedient for securing the payment of the transfer duty: Provided,
that where on the original making and issuing of any debenture the same shall
be stamped with a duty of [20p] for every hundred pounds and also for any
fractional part of one hundred pounds of the principal money thereby secured,
then every transfer thereafter made of such debenture shall be exempt from the
stamp duty which would otherwise be payable in respect of the transfer.

Ss.613 rep. by SLR 1893

© 1866 Crown Copyright

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