(1) Mortgage duty is imposed on a caveat claiming an interest in
land, or a water allocation, under a mortgage if mortgage duty is imposed, but
not paid, on the mortgage.
(2) The amount of mortgage duty imposed on the
caveat is the amount of mortgage duty that would be imposed on the mortgage.
(3) The mortgagor must pay the duty as if it were assessed on the mortgage.
(4) To the extent that mortgage duty is paid on the caveat, mortgage duty is
not imposed on the mortgage.
