Electronic mortgages
228A Electronic mortgages
To avoid doubt, for the purposes of this Chapter (in particular, the definition of mortgage), an instrument includes any electronic registry instrument.
An electronic mortgage is taken to be first executed when it is first digitally signed by the mortgagee (including if it is digitally signed by a subscriber signing for the mortgagee under the Electronic Conveyancing National Law (NSW)).
A counterpart of an electronic mortgage in respect of which mortgage duty has been paid may be stamped or upstamped for mortgage duty by the Chief Commissioner, or by another person under an arrangement referred to in section 289A, as if it were the mortgage.
In this section—
electronic mortgage means a mortgage in a form in which it can be lodged electronically under the Electronic Conveyancing National Law (NSW).
This Act’s bill:Explanatory memorandumSecond reading speech
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