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STAMP ACT 1891 - SECT 118

Assignment of policy of life assurance to be stamped before payment of money assured.

118.(1) No assignment of a policy of life insurance shall confer on the
assignee therein named, his executors, administrators, or assigns, any right
to sue for the moneys assured or secured thereby, or to give a valid discharge
for the same, or any part thereof, unless the assignment is duly stamped, and
no payment shall be made to any person claiming under any such assignment
unless the same is duly stamped.

(2) If any payment is made in contravention of this section, the stamp duty
not paid upon the assignment, together with the penalty payable on stamping
the same, shall be a debt due to Her Majesty from the person by whom the
payment is made.

© 1891 Crown Copyright

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