DUTIES ACT 2000 - SECT 173 Unregistered mortgages protected by caveats (anti‑avoidance provision)
DUTIES ACT 2000 - SECT 173
Unregistered mortgages protected by caveats (anti‑avoidance provision)(1) A caveat under the Transfer of Land Act 1958 in which an estate or interest is claimed under an unregistered mortgage is chargeable with duty if the mortgage is chargeable, but not stamped, with mortgage duty.
(2) The amount of duty is the same amount as is chargeable on the mortgage.
(3) The person liable to pay the duty is the mortgagor.
(4) Duty is not chargeable in respect of the caveat if the Commissioner is satisfied that a sum equal to the amount payable under subsection (2) has been paid on the mortgage to which the caveat relates, or on some other instrument pursuant to the arrangement to which the mortgage relates.
(5) If the caveat has been stamped with ad valorem duty, a mortgage under which an estate or interest is claimed in the caveat may be stamped as a collateral security.
(6) This section does not apply to a caveat lodged in respect of a mortgage that is exempt from mortgage duty under Part 4.