Section 88 Stamp Duties Act

Section 88 of Stamp Duties Act 1939 is about Assignment of policy of life assurance to be stamped before payment of money assured. It provides as follows:

(1) No assignment of a policy of life assurance shall confer on the assignee therein named, his executors, administrators, or assigns, any right to sue for the money assured or secured thereby, or to give a valid discharge for the same, or any part thereof, unless the assignment is duly stamped, and no payment shall be made to any person claiming under any such assignment unless the same is duly stamped.

(2) If any payment is made in contravention of this section the duty not paid upon the assignment together with the penalty payable on stamping the same, shall be a debt due to the Government of the Federation from the person by whom the payment is made.