DUTIES ACT 2000 - SECT 165 Collateral securities
DUTIES ACT 2000 - SECT 165
Collateral securities(1) Mortgage duty is not chargeable in respect of that part of an amount secured by a collateral mortgage that is secured by—
(a) a mortgage or security instrument that has been duly stamped under this Act or a corresponding Act; or
(b) a mortgage package that has been duly stamped under section 160 or a corresponding Act.
S. 165(2) inserted by No. 30/2002 s. 8(2).
(2) A collateral mortgage that no longer secures
an amount secured by a mortgage, instrument or mortgage package mentioned in
subsection (1) is not security for another advance unless mortgage duty for
the amount of the other advance is paid.
Part 3—Duty concessions