DUTIES ACT 2001 - SECT 258 What is the amount secured by a mortgage

DUTIES ACT 2001 - SECT 258

258 What is the amount secured by a mortgage

(1) The amount secured by a mortgage is the amount of advances actually secured by it and recoverable under it.

(2) However, if—

(a) a mortgage has been properly stamped, or is exempt from duty, under this or a corresponding Act for an amount of advances secured by the mortgage; and

(b) a further advance secured by the mortgage is made; and

(c) the total amount secured by the mortgage exceeds the amount for which the mortgage has been properly stamped;

the amount secured by the mortgage is, for section 247 (2) , the excess amount mentioned in paragraph (c) .