DUTIES ACT 2000 - SECT 154 How is mortgage duty charged?

DUTIES ACT 2000 - SECT 154

    (1)     The amount of duty chargeable on a mortgage is determined by the amount secured by it as calculated under Part 2.

    (2)     The amount of duty is—

        (a)     $4 if no amount is secured by the mortgage or if the amount secured is not more than $10 000; or

        (b)     if the amount secured by the mortgage exceeds $10 000, $4 for the first $10 000 and $0.80 for every $200, or part, by which the amount secured exceeds $10 000.

    (3)     The amount of duty chargeable on a mortgage in respect of an advance or further advance is—

        (a)     determined on the amount secured by it as calculated under Part 2; and

        (b)     the amount of duty applicable as provided in subsection (2).

S. 155 substituted by No. 46/2001 s. 13.