Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-01-05

full amount secured. Quitclaim deeds
are subject to taxation according to
the value of the property interest con-
veyed. The stamp tax is required to
be paid on the assignment OF a mort
gage at the same rate as on the original
instrument when there has been no re-
duction of the mortgage prior to the
assignment. Where an assignment is
made of u mortgage by a separate
written instrument, and the mortgage
and instrument are deposited with u
trustee as security for obligations,
the stamp tax must be paid ON the
memorandum of the pledge OF these in
struments at the rate fixed by the para
graph relating to mortgage or pledge.
Where q mortgage is deposited with
trustee as security for obligations with
out any assignment, but accompanied
by power of attorney, authorizing an
assignment in the event OF a default
upon, the obligations, the stamp tax is
required to be paid on the pledge Of
the mortgage and also on the power
of attorney, but not on the transfer
authorized until this transfer is COM
pleted. Mortgages received by State
from persons to whom State lands may
be sold are subject to the stamp tax.
Abstracts of title do not require to be
stamped. Deeds of release of mort
cages and trust deeds require to be
stamped. If the releases are simply
certificates that "a lien has been re-
moved from the property, only l0-cent
stamp is necessary; but If they are in
struments which reconvey the title to
the mortgagor, they. must be stamped
like other deeds, the consideration
being the amount released Where
local laws authorize entry of satisfaction
upon the record. and the mortgage is
thus cancelled, such entry does not re,
quire stamp. Ii the mortgagee, as
he has a right to do in some States,
makes power of attorney to the
register, or recorder, or other person,
for the entry of satisfaction of the
mortgage, stamp tax must be paid on
this power of attorney. The words of
purchase IN the paragraph Of ts-a law
relating to conyeyances Of real estate
include all changes of title except those
occurring by descent or operation of
law. In cases where the consideration
in deed is nominal, tho actual value
of the property conveyed should govern
the amount of the stamp required. On
an assignment of mortgage the tax is
based on the amount remaining unpaid
| of tho mortgage assigned.
The shipment of bundles or packages
! of newspapers inclosed in one general
bundle under q single bill of lading is
permitted, and there will be no OBJ
| lection to the distribution of the con-
tents of such general bundle at the
different stations along the line of the
railroad. A shipment bears but one
tax, although in completing it transit
by rail, boat, or other method of con-
veyance is required. Tho stamp should
be affixed TO the evidence of receipt
and forwarding for each shipment,
whether the evidence is in the form of
q bill of lading, manifest, receipt, or
book, and the common carrier is com
PEELED by law to issue this evidence OF
receipt and forwarding. @
A policy. of insurance is not valid
unless it bears the proper cancelled
revenue stamp. .Astalnp is required
upon every assignment of q policy of
life insurance at the same rate as that
on the original instrument. Neither the
so-called mortgage clause attached to
u fire insurance policy nor its oancella-
ton or release requires addition stamp.
Where a policy of life insurance isas
signed as collateral security, for q loan,
it should be stamped as a pledge &C
cording to the amount Of debt secured
and not according to face OF policy.
All policies of insurance issued in the
United States by foreign Insurance
companies are subject to taxation.
Fire insurance policy when assigned
OF transferred is subject TO taxation in
proportion to the unearned premiu in.
Industrial insurance companies who
receive monthly premiums can make
monthly returns. When policies of re-
insurance are issued they are subject
to taxation. No stamp is required
where reinsurance is done in accord
ance with proceeding contract between
the companies by a book entry land nc
now policy issues1, this entry being ac-
cepted as an assumption Of responsi.
4 bility therefor, to the insuring com
lpany; where, however, the risk be
comes extra hazardous, and there, is
reinsurance effected, the extra pre-.
MUM paid is taxable. Only purely
cooperative or mutual fire insurance
companies carried on by the members
thereof solely for the protection Of theil
own property, and not for profit, are
exempted from taxation. Assessment
Beneficiary life ins,,fance association.
insuring their own members, and MOI
for profit, come within the exemptins
provision. The exemption gieen t.
fraternal beneficiary life insurance
associations applies al o, to fraterna
beneficiary accident insurance, associa
tions. A policy does not require {
stamp until it is issued, or is offered al
an insurance policy, and an inspranc,
company can stamp a policy through
its local agents as we'll as through It.
general agent. Any agent of the com
pany who is charged with the duty o
delivering the policy to the polio,
+ holder and receiving the premium
would be authorized to afiix and can
Gel the stamp in behalf of tho com
} pany. A stamp must be attached t,