Western Australian Consolidated Acts Western Australian Consolidated Acts (1) In this
section —
sale , in relation to a mortgage, means sale for a
consideration in money or money’s worth for not less than market value;
transfer or assignment , in relation to a
mortgage, means the transfer or assignment of the mortgage by way of sale.
(2) Where, on the
transfer or assignment of any mortgage, there are 2 or more instruments to
complete the transferee’s title to the mortgage, the principal
instrument only is to be charged with duty under item 13(3)(a) of the
Second Schedule.
(3) A contract or
agreement for the sale of any mortgage shall be charged with the same duty
under item 13(3)(a) of the Second Schedule to be paid by the purchaser as
if it were an instrument actually setting out the transfer or assignment of
the mortgage contracted or agreed to be sold.
(4) When, in
relation to any mortgage, duty has been paid on a principal instrument or a
contract or agreement in accordance with subsection (2) or (3), any other
instrument setting out the transfer or assignment of the mortgage to the
transferee is not chargeable with duty, but the Commissioner, on being
requested to do so, is to endorse the duty on the instrument.
(5) Where an
instrument, contract or agreement applies to 2 or more mortgages, duty is
chargeable under item 13(3) of the Second Schedule in respect of each
mortgage.
[Section 72 inserted by No. 20 of 1996
s. 23; amended by No. 2 of 2003 s. 47; No. 66 of 2003
s. 29.]
[Heading deleted by No. 2 of 2003 s. 48.]