Mortgages for definite and limited sum first executed before 1 July 2009
77 Mortgages for definite and limited sum first executed before 1 July 2009
If the amount of advances recoverable under a mortgage first executed before 1 July 2009 is a definite and limited sum, the amount secured by the mortgage is taken, for the purpose of determining whether the mortgage becomes liable to additional duty on the making of an advance or further advance on or after 1 July 2009, and determining the amount of duty chargeable, to be the total of the following—
the definite and limited sum,
the amount of any advance or further advance made on or after 1 July 2009 in excess of that definite and limited sum.
The amount secured by any such mortgage at the time a liability to duty last arose under this Act is taken to be the total of the following—
the definite and limited sum,
the amount of any advance or further advance in excess of that definite and limited sum in respect of which duty has already been paid under this Act.
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