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Section 40: Collector’s power to stamp instruments impounded
MORTGAGE-DEED not being in Agreement relating to Deposit of Title Deeds, Pawn or pledge (No. 6) Bottomry Bond (No. 16), Mortgage of a Crop (No. 41). Respondentia Bond (No. 56), or Security Bond (No. 57) (a) When possession of the property or any part of the property comprised in such deed is given by the mortgagor or agreed to be given: The same duty a conveyance (No. 23), for a consideration equal to the amount secured by such deed. (b) When possession of the property or any part of the property comprised in such deed is not given by the mortgagor or agreed to be given: The same duty a conveyance (No. 23), for a consideration equal to the amount secured by such deed. Explanation- A mortgagor who gives to the mortgagee a power of attorney to collects rents or a lease of the property mortgaged or a part thereof is deemed to give possession within the meaning of the article. (i) When a collateral or auxiliary or additional or substituted security, or by way or further assurance for the above mentioned purpose where the principal or primary security is duly stamped for every sum secured not exceeding Rs. 1,000: Three rupees. (ii) And for every Rs. 1,000 or part thereof secured in excess of Rs. 1,000: Three rupees. Exemptions: (1) Instrument executed by persons taking advances under the Land Improvement Loans Act, 1883 or the Agriculturist’s Loan Act, 1884, or by their sureties as security for the repayment of such advances. (2) Letter of hypothecation accompanying a bill of exchange. (a) When the loan is repayable not more the three months from the date of instrument- For every sum secured not exceeding Rs. 200, and One rupee. For every Rs. 200 or part thereof secured in excess of Rs. 200: One rupee. (b) When the loan is repayable more than three months, but not more than eighteen months from the date of instrument- For every sum secured not exceeding Rs. 100 and One rupee. For every Rs. 100 or part thereof secured in excess of Rs. 100: One rupee.
Source: official text of The Indian Stamp Act, 1899 as published on India Code (PDF). All sections of the Indian Stamp Act, 1899.