(1) If mortgage duty is imposed on the
dutiable proportion of a mortgage, (whether for a mortgage over property not
wholly in Queensland, a mortgage package or on original or subsequent
advances), the mortgagor or mortgagee must make a statement in the approved
form about the location and value of the secured property.
Penalty—
Maximum penalty—40 penalty units.
(2) The making of a statement under
subsection (1) by the mortgagor or mortgagee relieves the other person from
complying with the subsection.
(3) The statement may be taken to be the
mortgage, or mortgages comprising the mortgage package.
