New South Wales Consolidated Acts

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DUTIES ACT 1997 - SECT 205

What is a mortgage?

205 What is a mortgage?

(1) For the purposes of this Chapter, an instrument is a
"mortgage" if it is--
(a) a security by way of mortgage or charge over property wholly or partly in New South Wales at the liability date, or
(c) a security by way of a transfer or conveyance of any property in New South Wales that is held in trust to be sold or otherwise converted into money, redeemable before such a sale or conversion either by express stipulation or otherwise, except where the transfer or conveyance is made for the benefit of creditors who accept the transfer or conveyance in full satisfaction of debts owed to them, or
(d) 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.
(2) Clause 22A of Schedule 1 to the Personal Property Securities (Commonwealth Powers) Act 2009 does not apply, and is taken to have never applied, in respect of this Chapter.
Note : Certain instruments that would otherwise be caught by this definition are exempted under Part 4.

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