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DUTIES ACT 2000 - SECT 32 Transfers arising from mortgages of land

DUTIES ACT 2000 - SECT 32

Transfers arising from mortgages of land

    (1)     The mortgagor and the mortgagee are jointly and severally liable to pay the duty chargeable on a transfer by way of mortgage of dutiable property that is land registered under the Transfer of Land Act 1958 .

    (2)     If the Commissioner is satisfied that—

        (a)     duty has been paid in accordance with this section on a transfer of dutiable property to which this section applies; and

        (b)     the dutiable property has been re-transferred to the mortgagor (or a person to whom the land has been transmitted by death or bankruptcy) and the mortgagor (or person) is the registered proprietor of the land—

the Commissioner must refund the ad valorem duty paid on the transfer less the amount of duty that would have been payable on a mortgage under Chapter 7 (Mortgages).

    (3)     For the purposes of this section, a transfer by way of mortgage of land registered under the Transfer of Land Act 1958 means a transfer as a result of which the transferee becomes the registered proprietor of an estate in fee simple in the land but holds that estate, as against the transferor, by way of security.

Ch. 2 Pt 4A (Headings and

ss 32A32X) inserted by No. 36/2005 s. 10.

Part 4A—Transactions treated as sub-sales of land

Division 1—Introduction

S. 32A inserted by No. 36/2005 s. 10, amended by No. 84/2008 s. 3(3) (ILA s. 39B(1)).