DUTIES ACT 2000 - SECT 251A Mortgage-backed securities

DUTIES ACT 2000 - SECT 251A

    (1)     No duty is chargeable under this Act in respect of a mortgage over the interest of a person in a pool of mortgages relating to debt securities that are mortgage-backed securities issued by the person to secure the repayment of financial accommodation provided to the person.

    (2)     No duty is chargeable under this Act in respect of a mortgage of a mortgage or pool of mortgages or part of a pool of mortgages in connection with creating, issuing, marketing or securing a mortgage-backed security.

    (3)     No duty is chargeable under this Act in respect of—

        (a)     the issue or making of a mortgage-backed security; or

        (b)     the transfer or assignment of or other dealing with a mortgage-backed security; or

        (c)     the discharge, cancellation or termination of a mortgage-backed security.

    (4)     No duty is chargeable under this Act in respect of a mortgage of a mortgage or pool of mortgages or part of a pool of mortgages for the purpose of creating, issuing, marketing or securing a mortgage-backed security—

        (a)     to a person entitled to a mortgage-backed security or a trustee or agent for such a person; or

        (b)     by or to a person who issues, makes or endorses a mortgage-backed security; or

        (c)     to a person who provides security (whether as a guarantor, surety or

otherwise) to a person entitled to a mortgage‑backed security or a trustee or agent for such a person—

if the mortgage is executed on or after 1 July 2001.

S. 251B inserted by No. 46/2001 s. 20.