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DUTIES ACT 1997 - SECT 213
Amount secured by mortgage
(1) For the purposes of this Chapter, the
"amount secured" by a mortgage is the amount of any advances made under an
agreement, understanding or arrangement for which the mortgage is security
(even if the amount of advances made exceeds the amount of advances
recoverable under the mortgage).
(2) A reference in this Chapter to an
advance secured by or made under a mortgage includes a reference to any
advance made under an agreement, understanding or arrangement for which the
mortgage is security (whether or not the advance is recoverable under the
mortgage).
(3) To avoid doubt, an advance made under an agreement,
understanding or arrangement includes any advance made as a consequence of a
variation to that agreement, understanding or arrangement.
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