s 258
In forceWhat is the amount secured by a mortgage
Chapter 5Mortgage duty
Part 4Amount secured by a mortgage
258 What is the amount secured by a mortgage
(1)
The amount secured by a mortgage is the amount of advances actually secured by it and recoverable under it.
(2)
However, if—
(a)
a mortgage has been properly stamped, or is exempt from duty, under this or a corresponding Act for an amount of advances secured by the mortgage; and
(b)
a further advance secured by the mortgage is made; and
(c)
the total amount secured by the mortgage exceeds the amount for which the mortgage has been properly stamped;
the amount secured by the mortgage is, for section 247(2), the excess amount mentioned in paragraph (c).
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