13 Jul 1977
FNCB FINANCIAL LTD v. COLLECTOR OF STAMP REVENUE
- Citation
- FNCB FINANCIAL LTD v. COLLECTOR OF STAMP REVENUE
- Court
- District Court
- Case number
- DCSA8/1976
The agreement, by depositing the licence book, transfer in blank and insurance policy and by conferring a power to sell with application of proceeds to repayment, created an equitable mortgage and/or charge and therefore fell within the definition of 'Mortgage' in s.3 para(d) of the Stamp Ordinance; consequently the Collector's assessment under Head 37(1) was correct and the appeal failed.