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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