Assignment of contractual rights over goods attracts ad valorem stamp duty as conveyance, not exemption for a sale agreement.

An instrument that transferred the contractual right to claim delivery of goods was treated as an assignment of a chose in action, not as a mere agreement for sale of goods. On that construction, the right assigned amounted to property transferred inter vivos within the statutory definition of conveyance, so the document attracted ad valorem stamp duty. It could not be treated as an exempt mercantile agreement relating exclusively to the sale of goods. The alternative reliance on the provision dealing with mercantile documents of title to goods was not pursued at that stage.

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Issues: Whether the instrument was an assignment of a chose in action attracting ad valorem stamp duty as a conveyance under the Stamp Act, or a mercantile agreement relating exclusively to the sale of goods so as to be exempt from such duty.

Analysis: The instrument was held to operate not as a sale agreement for goods, but as an assignment of the contractual right to claim delivery of the goods. The right assigned was treated as property transferred inter vivos within the statutory definition of conveyance. On that construction, the document fell within the charge to ad valorem stamp duty and could not be treated as an exempt agreement relating exclusively to the sale of goods. The suggested alternative reliance on the provision dealing with mercantile documents of title to goods was not pursued at that stage.

Conclusion: The instrument was liable to be stamped with ad valorem duty and the objection on the lower stamp was upheld.

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