O'Sullivan v Loughnan

• Jurisdiction: Ireland
• Judgment Date: 29 October 1927
• Date: 29 October 1927
• Court: Supreme Court (Irish Free State)

S. C.,

O'Sullivan

and

Loughnan

Sufficiency - Mortgage - Security for future advances - Unlimited amount - Security "available for such an amount only as the ad valorem duty impressed thereon extends to cover" - Collateral security - Alteration of stamp duty - Stamp Act, 1891 (54 55 Vict., c. 39), ss. 1, 11, 15 (1) and (2), 86, 87, 88 (2), Sch. I. - Revenue Act, 1903 (3 Edw. VII., c. 46), s. 7.

Section 15 (1) of the Stamp Act, 1891, provides that, save where other express provision is made in the Act, any unstamped or insufficiently stamped instrument may be stamped after execution on payment of the unpaid duty and a penalty therein prescribed. Sub-section 2 requires that an instrument (unless written upon duly stamped material)...