Receipt

RECEIPT, in law, an acknowledgment in writing that a sum of money or other valuable consideration has been received by the person signing the acknowledgment in discharge of a debt or other obligation. Such a receipt is prima facie evidence of payment. By the Stamp Act of 1891 a duty of id. was imposed on every receipt or form of writing discharging a debt of £2 or upwards; the payment of the duty is denoted by affixing a stamp to the document, and the cancelling of the same by the person giving the receipt. By s. 103 if a person gives a receipt, liable to duty, not duly stamped, or refuses to give a receipt, liable to duty, duly stamped or, on payment to the amount of £2 or up ward, gives a receipt for a less sum than £2 or divides the amount paid with intent to evade the duty, he is liable to a fine of o. A receipt not duly stamped may be stamped at the Inland Revenue Office within 14 days on payment of a fine of £5 or within one month on payment of f 1 o. By the Finance Act of 1920 the receipt stamp was increased to 2d.

American Law.

There are no stamp duties on receipts in the United States. On the effect of a receipt in full, given against payment of less than the amount due, see Discharge. On receipts for goods given by transportation or storage agencies see Bill of Lading, Warehouse Receipt. The commercial practice of a debtor requiring a receipt on paying a debt has, curiously, no warrant in law except in particular cases : a debtor paying a negotiable instrument (see BILL OF EXCHANGE) is entitled to have it surrendered to him, which serves as a receipt ; and a mort gagor paying off a mortgage is entitled to receive from the mortgagee a "satisfaction piece" which serves as evidence that the obligation and the mortgage are discharged. In other cases, in general, the debtor's assurance of procuring a receipt rests partly on business custom, partly on the creditor's practical desire to collect his debt and on his willingness to accept pay ment by check, which will then serve as a receipt.