1160. Conveyance in satisfaction of a debt or subject to a liability.

Where property is conveyed to a person in consideration, wholly or in part, of any debt due to him, or subject either certainly or contingently to the payment or transfer of any money or stock, whether or not charged on the property, then the debt, money or stock is to be deemed the whole or part, as the case may be, of the consideration in respect of which the conveyance is charged with ad valorem stamp duty1.

However, where any property is conveyed to a person wholly or in part in consideration of a debt due to him2, and where