Section 40

Section 40 of the Assam Stamp (Amendment) Act, 1950. MORTGAGE-DEED, not being an 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 b

MORTGAGE-DEED, not being an 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 ;

(b) when possession is not given or agreed to be given as aforesaid ;

Explanation .- A mortgagor who gives to the mortgagee a power-of-attorney to collect rents or a lease of the property mortgaged or part thereof is deemed to give possession within the meaning of this article ; Thirty rupees. Eighty rupees. One hundred and thirty rupees. The same duty as a conveyance (No.23) for a consideration equal to the amount secured by such deed. The same duty as a Bond (No.15) for the amount secured by such deed.

(c) when a collateral or auxiliary or additional or substituted security, or by way of 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 ; and for every Rs.1,000 or part thereof secured in excess of Rs.1,000.

(1) Instruments executed by persons taking advances under the Land Improvement Loans Act, 1883 (Act XIX of 1883), or the Agriculturists Loans Act, 1884 (Act XII of 1884), or by their sureties as security for the repayment of such advances.

(2) Letter of hypothecation accompanying a bill of exchange.

Section 40, The Assam Stamp (Amendment) Act, 1950 (Act 7 of 1950).