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Mortgage debts on leaseholds may be deducted from the value thereof before probate, &c.
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7. Where any leasehold estates form part of the estate and effects of a deceased person for or in respect of which probate or letters of administration is or are to be granted in England or Ireland, and such leasehold estates are the sole security by way of mortgage for any debts due and owing from the deceased, the amount of such mortgage debts may be deducted from the value of the said leasehold estates, and the stamp duty shall be chargeable on the value of the estate and effects for or in respect of which the probate or letters of administration shall be granted, after deducting therefrom the amount of such mortgage debts.
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