Karunaratne V. Commissioner Of Stamps

Present : Lyall Grant J. and Maartensz A.J. 1929

KARUNARATNE v. COMMISSIONER OF STAMPS.

119-D. C. (Inty.)

In the Matter of an Appeal under Section 32 of the Stamp Ordinance.

Stamp Ordinance-Mortgage bond-Deed of release -of property mortgaged -Property under two bonds-One instrument-Stamp duty- Ordinance No. 22 of 1909, s. 6.

Where a person raised money on two bonds hypothecating a certain property, among others, as a primary mortgage in one bond and a secondary mortgage in the other and, where in consideration of certain payments, the debtor obtained from the creditor a release of the property in question from both the mortgages,-

Held, that the deed of release should be stamped as one instrument and that it was not liable to duty under section 6 of the Stamp Ordinance.

APPEAL from a decision of the Commissioner of Stamps. The point for determination' was whether a deed of release granted by a creditor in respect of a property mortgaged under two bonds was liable to stamp duty as a double instrument under section 6 of the Stamp Ordinance.

Croos Dabrera, for appellant.-The deed of release affects one land, which was

Click Here to Read the rest of this document