Sri Lanka Consolidated Acts

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Stamp Duty Act (No. 43 of 1982) - Sect 46

Duty to be a first charge

46. Any duty in default shall be a first charge upon all the assets of the defaulter:Provided that
(i) such charge shall not extend to, or affect, any assets sold by the defaulter to a bona fide purchaser for value prior to the seizure of the same in accordance with the provisions of section 48 ; and
(ii) as regards immovable property, the amount in default shall not rank in priority to any lease or encumbrance created bona fide for value and registered prior to the date of such seizure.

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