VALUATION AND VALUERS. A valuation or ap praisement, under English law, need not be stamped where it is made ( ) for, and for the information of, one party only, and is not obligatory as between parties; (2) in pursuance of the order of a court of admiralty or on appeal therefrom; (3) of property of a deceased person for the information of an executor, or other person required to deliver an affidavit of the estate of such deceased person; or (4) of any property for the purpose of ascer taining the legacy or succession or account duty payable in respect thereof. Any other valuation or appraisement must be stamped. Who makes an appraisement or valuation chargeable with stamp duty must, within 14 days after, write it out in words and figures showing the full amount upon duly stamped material. If he omits to do so, or in any other manner discloses the amount, he be comes liable to a fine. Any person who receives from an ap praiser, or who pays for the making of, any such appraisement or valuation not so written out and stamped, becomes liable to a fine.
Where a contract has been made for the sale of property at a valuation, a valuation made in accordance with its terms will be conclusive as between the parties, in the absence of fraud, collusion or mistake. Where there has been an agreement to sell goods on the terms that the price is to be fixed by the valuation of a third party and such third party cannot or does not make such valua tion, the agreement is avoided ; but if the goods or any part thereof have been delivered to and appropriated by the buyer he must pay a reasonable price therefor. Where the third party is prevented
from making the valuation by the fault of the seller or buyer, the party not in fault may maintain an action for damages against the party in fault. Where the fixing of a value by valuers is not of the essence of an agreement, but is wholly subsidiary to it, the courts will, if justice require it, ascertain the value in order to carry the agreement into effect. Where an agreement had been entered into for the sale of a house at a fixed price and of the fixtures and furniture therein at a valuation by a person named by both parties, and he undertook the valuation but was refused permission by the vendor to enter the premises for that purpose, the vendor was ordered to allow the entry so that the valuation might proceed.
A person who exercises the calling of an appraiser or who, for or in expectation of any fee or reward, makes any valuation or appraisement chargeable with stamp duty, must (unless he is licensed as an auctioneer or house agent) have an appraiser's licence, upon which a duty is charged and which continues in force from the day of its date until the following 5th of July. By default in this respect a liability to a penalty is incurred. More over, an unlicensed appraiser cannot recover remuneration. A valuer is liable to the person who has employed him for the conse quences of negligence or want of due care and skill on his part. If his services are thereby rendered worthless he will not be able to recover anything by way of remuneration. (See AUCTIONS AND