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DUTIES ACT 1997 - SECT 208
When does a liability arise?
208 When does a liability arise?
(1) A mortgage becomes liable to duty on the date of its first execution.
(2)
A mortgage becomes liable to additional duty on the making of an advance or
further advance if, as a result of that advance or further advance, the
amount secured by the mortgage exceeds the amount secured by the mortgage at
the time a liability to duty last arose under this Act. Note : Section 219
exempts some further advances from duty.
(3) An instrument of security that
does not affect property in New South Wales at the date of first execution but
that affects land in New South Wales at any time within 12 months after that
date becomes liable to duty as a mortgage on the date on which it first
affects the land, unless it is exempt from duty.
(3A) An instrument of
security that does not affect property in New South Wales at the date of first
execution but that, at any time after execution, affects relevant property in
New South Wales identified in the instrument or identified under an
arrangement in place when the instrument was first executed, becomes liable to
duty on the date it first affects that property, unless it is exempt from
duty.
(4) An instrument that, on the deposit of documents of title to
property in New South Wales or instruments creating a charge on property in
New South Wales, becomes a mortgage or evidences the terms of a mortgage
becomes liable to duty as a mortgage on the deposit of the documents or
instruments.
(5) A reference in subsection (3) to land does not include a
reference to an interest in land that is held by way of security.
(6) For the
purposes of this section,
"relevant property" means any property, excluding land and the following kinds
of property-- (a) a marketable security that is quoted on the Australian
Securities Exchange,
(b) an interest in a marketable security referred to in
paragraph (a), or an interest in a marketable security if the interest is
quoted on the Australian Securities Exchange,
(c) an interest in a unit trust
scheme, being a unit trust scheme in respect of which units in the scheme have
been issued to the public and 50 or more persons are beneficially entitled to
units in the scheme,
(d) property the Chief Commissioner is satisfied is of a
similar nature to property referred to in paragraph (a), (b) or (c).
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