Liability for mortgage duty for particular mortgages first signed before commencement day
533 Liability for mortgage duty for particular mortgages first signed before commencement day
This section applies if—
a mortgage is first signed before the commencement day; and
an advance or further advance is made on or after the commencement day; and
the amount of the advances secured by the mortgage exceeds the amount for which the mortgage has been duly stamped under the repealed Act or a corresponding Act.
To remove any doubt, it is declared that the mortgage is a mortgage for section 248 and section 252(2) applies to it.
Section 261 applies as if a reference to liability to duty arising under this Act were a reference to liability to stamp duty arising under the repealed Act.
Note—Section 261 (Advances secured by mortgage package). See also section 252 (When liability for mortgage duty arises).
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