The Van Buren press., 1869-06-15

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PENALTIES.
A penalty of $40 is imposed upor
every person who makes, signs, or issues
or causes to be made, signed, or issued
any paper of any kind or description
whatever, or who accepts, negotiatcs, OF
pays, or causes to be accepted, nego
tiated, or paid, any bill of exchange
draft, or order, or promissory note, fol
the payment of money, without the same
being duly stamped, or having thereupor
an adhesive stamp 70: denoting the taA
chargeable thereon, cancelled in the man
ner required by law, with intent to evadt
the provisions Of the revenue act (Sec
1857
A penalty of $50 is imposed upon eve
ry person who fraudulently makes use o.
an adhesive stamp to denote the duty re
quired by the revenue act, without eff
fectually cancelling and obliterating the
same in the manner required by law
Sec. 1861
1t is not lawful to record any instru
ment, document, or paper required by
law to be stamped, or any copy thereof
unless stamp or stamps of the proper
amount have been affixed and cancelled
in the manner required by law and suci
instrument or copy and the record there
of are utterly null and void, and canno,
be used or admitted as evidence in any
court until the defect has been cured as
provided in section l5S'
nrNrp.r pru,pus
Postage stamps cannot be used in pay
mcnt Of the duty chargeable on instru
ments.
The law does not designate which o.
the parties to an instrument shall furnish
the necessary stamp, nor does the Com
missioner of Internal Revenue assume te
determine that it shall be supplied by ono
party rather than by another; but if al
instrument subject to stamp duty is issued
without having the necessary stamps az
fixed thereto, it cannot be recorded, OF
admitted, or used as evidence, in any
court, until legal stamp or stamps, de-
noting the amount Of tax, shall have been
affixed as prescribed by law, and the per.
son who thus issues it is liable to penal.
ty if he omits the stamps with an intent
to evade the provisions of the internal
revenue act.
A check, draft, or order for the pay
ment of sum of money draun oherWist
MQn at sight, or on demand, is liable to
stamp tax at the rate Of five cents for
each one hundred dollars or fractional
part thereof.
A note or bond given for part of the
consideration for reality sold and con.
veyed, is not relieved from stamp tax, by
the fact that lien to secure the payment
thereof is retained in the conveyance.
1t is only upon conveyances of reality
sold that conveyance stamps are necessa-
ry. A deed of real estate made without
valuable consideration need not be stamp
ed as a conveyance, but should be stamp
ed as an agreement or contract.
When one person conveys real proper
tv uithoM valuable consideration, through
the Intervention of a trustee, neither the
deed to the trustee, nor the trustee $
deed to the cestm que trust need be
stamped as conveyance of "realty
sold," but each should be stamped as a
contract or agreement
When deed purporting to be con
veyance Of realty sold, and stamped ac-
cordingly, is imperative, deed of con
frmation made simply to cure the defect,
requires no stamp. In such case, the
second deed should contain recital of
the facts, and should show the reasons
for its execution,
Partition deeds between tenants in
common need not be stamped as convey
ances, inasmuch as there is no sale Of re-
atty, but merely marking out, or de.
fining, Of the boundaries Of the part be-
longing to each, but should be stamped
as agreements. Where money, however,
or other valuable consideration Is paid by
one co-tenant to another for equality OF
partition, there is q sale to the extent OF
such consideration, and the conveyance,
by The party receiving it, should be
stamped accordingly.
Deeds between Joint tenants should be
stamped as conveyances of realty sold.
In the case Of tenants in common, each
tenant owns tie whote ofa part, and there
- nv Sdit, but HiCicll MAJ hiiiS oul, VI
defining, Of the part belonging to each
in the case Of joint tenants. each owns a
part ofMe whole, and in what is usually
denominated dicision in such case there
is an exchange of lands. An exchange
does not differ materially from bargain
and sale.
When a deed covers both realty and
personally, it should be stamped at the
rate of 80 cents for each $500, or frac-
tional part of $500, of the consideration
or value of the realty, and rs contract
or agreement on account of the person
atty.
A mere unsigned memorandum Of the
amount of money paid upon a bond, or
contract, made upon the bond itself, in
the usual way of endorsing partial pay
mcnts, need not be stamped, whatever the
sum paid.
A conveyance Of lands sold for unpaid
taxes, issued since August |, 1866, by the
officers of any county, town, or other
municipal corporation in the discharge
of their strictly official duties, is exempt
from stamp tax.
A mortgage given to secure surety
from loss, or given for any purpose
whatever, other than as security for the
payment of definite and certain sum OF
money, is taxable only as an agreement
or contract. ... .
A mortgage securing 800 or less is