How is mortgage duty charged?
154 How is mortgage duty charged?
The amount of duty chargeable on a mortgage is determined by the amount secured by it as calculated under Part 2.
The amount of duty is—
$4 if no amount is secured by the mortgage or if the amount secured is not more than $10 000; or
if the amount secured by the mortgage exceeds $10 000, $4 for the first $10 000 and $0.80 for every $200, or part, by which the amount secured exceeds $10 000.
The amount of duty chargeable on a mortgage in respect of an advance or further advance is—
determined on the amount secured by it as calculated under Part 2; and
the amount of duty applicable as provided in subsection (2).
S. 155 substituted by No. 46/2001 s. 13.
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