(1) If mortgage duty is imposed on the dutiable proportion of a mortgage
(whether for a mortgage over property not wholly in New South Wales, a
mortgage package or on initial or subsequent advances), the mortgagor and
mortgagee must, within 3 months after the liability arises--
(a) make a
written statement, in an approved form, about the location and value of the
secured property, and
(b) lodge the statement with the Chief Commissioner.
(2) The making and lodging of a statement under subsection (1) by either the
mortgagor or the mortgagee relieves the other person from complying with that
subsection.
(3) The statement may be taken to be the mortgage, or mortgages
comprising the mortgage package.