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Where Property is sold subject to any Mortgage, the Mortgage Money deemed Part of Purchase Money, whether agreed to be paid by Purchaser or not.
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X. ‘And whereas by the said Act passed in the Fifty-fifth Year of the Reign of King George the Third, it is provided that where any Property is sold and conveyed subject to any Debt or Sum of Money to be afterwards paid by the Purchaser, the same shall be deemed to be Purchase or Consideration Money in respect whereof the said ad valorem Duty charged upon the Sale and Conveyance of Property is to be paid: And whereas it has been held and determined that the said ad valorem Duty is payable in respect of any such Sum or Debt only where the Purchaser is personably liable or bound, or undertakes or agrees to pay the same or to indemnify the Vendor against the same; and it is expedient to alter and amend the Law in this respect:’
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Where any Lands or other Property shall be sold and conveyed subject to any Mortgage, Wadset, or Bond, or other Debt, or to any gross or entire Sum of Money, such Sum of Money or Debt shall be deemed the Purchase or Consideration Money, or Part of the Purchase or Consideration Money, as the Case may be, in respect whereof the said ad valorem Duty shall be paid, notwithstanding the Purchaser shall not be or become personally liable or shall not undertake or agree to pay the same or to indemnify the Vendor or any Person against the same, anything in any Act or otherwise to the contrary notwithstanding.
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