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DUTIES ACT 2001 - SECT 533 Liability for mortgage duty for particular mortgages first signed before commencement day

DUTIES ACT 2001 - SECT 533

Liability for mortgage duty for particular mortgages first signed before commencement day

533 Liability for mortgage duty for particular mortgages first signed before commencement day

(1) This section applies if—
(a) a mortgage is first signed before the commencement day; and
(b) an advance or further advance is made on or after the commencement day; and
(c) the amount of the advances secured by the mortgage exceeds the amount for which the mortgage has been duly stamped under the repealed Act or a corresponding Act.
(1A) To remove any doubt, it is declared that the mortgage is a mortgage for section 248 and section 252(2) applies to it.
(2) Section 261 applies as if a reference to liability to duty arising under this Act were a reference to liability to stamp duty arising under the repealed Act.
Note—
Section 261 (Advances secured by mortgage package). See also section 252 (When liability for mortgage duty arises).