DUTIES ACT 2000 - SECT 155 Extent mortgage is enforceable

DUTIES ACT 2000 - SECT 155

    (1)     A mortgage or mortgage package on which duty is imposed under this Act or a corresponding Act is enforceable only to the extent of the amount secured by the mortgage or mortgage package in respect of which duty has been paid under this Act or a corresponding Act.

    (2)     Subsection (1) does not apply if the property affected by a mortgage or mortgage package ( secured property ) is partly in and partly outside Victoria if—

        (a)     duty has been paid on the total advances under the mortgage or mortgage package when the mortgage duty paid is taken with the duty paid under a corresponding Act; and

        (b)     the proportion of secured property in Victoria used to determine mortgage duty liability is—

              (i)     based on a referrable point for the dutiable proportion of the mortgage; and

              (ii)     not incorrect by more than 5%.

S. 156 amended by No. 44/2001 s. 3(Sch. item 32.6(a)).