The Weekly Reporter Volume 38 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890 Excerpt: ... duty on the same is declared to be 5s. for every 100 of the amount or value of the property settled or agreed to be settled. Home Payne, Q.C. (Daneknerts with him), for the appellants.--An instrument, to come within the meaning of the word "settlement" in this schedule, must be a settlement of a "definite and oertain prinoipal sum of money, or of a definite and oertain amount of stock." Here the interests whioh the settlor has are wholly contingent interests, and in indefinite stock, and so do not come within the words "definite and certain amount of atock." As the interests were contingent, the settlor, at the time of making the settlement, had no stock existing whioh could have been definite and certain, and therefore, on that ground, the instrument was not a " settlement of a oertain and definite amount of stock." Moreover, the investments were liable to be varied by the trustees at will, and therefore the settlor had no legal right to the atook, as it was in the power of the trustees to vary the High Com. same: Sanville v. The Commissioners of Inland Revenue, 2 W. R. 629, 10 Ex. 159. Sir JR. E. Webster, A.Q., Sir E. Clarke, &ff., and Dicey, for the respondents, were not heard. Pollock, B.--There are two points in this case, and it requires very little more than to state them, to answer them. It has been contended that the interest under the settlement was contingent upon the death of the tout; that is one of the points. It amounts to this, that in t case in whioh the settlor is not in present possession of that which is settled, it is a settlement which does not require to be stamped. Apart from the words of the Stamp Aot, it is a curious thing to say that a settlement whioh is perfeotly good in law shou...