165
In forceCollateral securities
Chapter 7Mortgages
Part 2Calculating the amount secured by a mortgage
165 Collateral securities
(1)
Mortgage duty is not chargeable in respect of that part of an amount secured by a collateral mortgage that is secured by—
(a)
a mortgage or security instrument that has been duly stamped under this Act or a corresponding Act; or
(b)
a mortgage package that has been duly stamped under section 160 or a corresponding Act.
S. 165(2) inserted by No. 30/2002 s. 8(2).
(2)
A collateral mortgage that no longer secures an amount secured by a mortgage, instrument or mortgage package mentioned in subsection (1) is not security for another advance unless mortgage duty for the amount of the other advance is paid.
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