(5) RECONVEVANCE, RELEASE, DISCHARGE, SURRENDER, RHJ3IIR.• RENDER, WARRANT TO VACATE, Or RENUNCIATION of any such security as aforesaid, or of the benefit thereof, or of the money thereby secured : For every £100, and also for any fractional part of £100, of the total amount or value of the money at any time secured . . £0 0 6 Meaning of "mortgage."—For the purposes of the Stamp Act the expression mortgage means " a security by way of mortgage for the payment of any definite and certain sum of money advanced or lent at the time, or previously due and owing, or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced, or paid, or which may become due upon an account current, together with any sum already advanced or due, or without, as the case may be." It includes—(a) Conditional surrender by way of mortgage, further charge, wadset, and heritable bond, disposition, assignation, or tack in security, and eik to a reversion of or affecting any lands, estate, or property, real or personal, heritable or movable, whatsoever : and (b) Any deed containing an obligation to infeft any person in an annual rent, or in lands or other heritable subjects in Scotland, under a clause of reversion, but without any personal bond or obligation therein contained for payment of the money or stock intended to be secured z and (r) Any conveyance of any lands, estate, or property whatsoever in trust to be sold or otherwise converted into money, intended only as a security, and redeemable before the sale or other disposal thereof, either by express stipulation or otherwise, except where the conveyance is made for the benefit of creditors generally, or for the benefit of creditors specified who accept the provision made for payment of their debts, in full satisfaction thereef, or who exceed five in number : (d) Any defeazance, letter of reversion, back bond, declaration, or other deed or writing for defeating or making redeemable or explaining or qualifying any conveyance, transfer, disposition, assignation, or tack of any lands, est- te, or property whatsoever, apparently absolute, but intended only as a security : and (c) Any agreement (other than an agreement chargeable with duty as an equitable mortgage), contract, or bond accompanied with a deposit of title deeds for making a mortgage, wadset, or any other security or conveyance as aforesaid of any lands, estate, or property comprised in the title deeds, or for pledging or charging the same as a security : and (f) Any deed whereby a real bunlen is declared or created on lands or heritable subjects in Scotland : and ( ) Any deed operating as a mortgage of any stock or marketable security. And 'for the pur pose of the same Act the expression equitable mortgage means " an agreement or memorandum, under hand only, relating to the deposit of any title deeds or instruments constituting or being evidence of the title to any property whatever (other than stock or marketable security), or creating a charge on such property."
Direction as to duly in certain cases..—A security for the transfer or retransfer of stock is charged with the same duty as a similar security for a sum of money equal in amount to the value of the stock. And a transfer, assignment, dis position, or assignation of any such security, and a reconveyance, release, dis charge, surrender, re-surrender, warrant to vacate, or renunciation of any such security, is charged with the same duty as an instrument of the same description relating to a sum of money equal in amount to the value of the stock. A security for the payment of a rentcharge, annuity, or periodical payments, by way of repayment, or in satisfaction or discharge of a loan, advance, or payment intended to be so repaid, satisfied, or discharged, is charged with the same duty as a similar security for the payment of the sum of money so lent, advanced, or paid.
A transfer of a duly stamped security, and a security by way of further charge for money or stock, added to money or stock previously secured by a duly stamped instrument, is not charged with any duty by reason of its containing any further or additional security for the money or stock transferred or previously secured, or the interests or dividends thereof, or any new covenant, proviso, power, stipulation, or agreement in relation thereto, or any further assurance of the property coin prised in the transferred or previous security. Where copyhold or customary estate is mortgaged alone by a conditional surrender or grant, the ad valorem duty is charged on the surrender or grant, if made out of court, or the memorandum thereof, and on the copy of court roll of the surrender or grant, if made in couri.. Where copyhold or customary estate is mortgaged, together with other property, for securing the same money or the same stock, the ad valorem duty is charged on the instrument relating to the other property ; and the surrender or grant, or the memorandum thereof, or the copy of court roll of the surrender or grant, as the case may be, is not to be charged with any higher duty than ten shillings. An instrument chargeable with ad valorem duty as a mortgage is not charged with any further duty by reason of the equity of redemption in the mortgaged property being thereby conveyed or limited in any other manner than to a purchaser, or in trust for, or according to the direction of, a purchaser.