New South Wales Consolidated Acts
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DUTIES ACT 1997 - SECT 214
(1) The Chief Commissioner must, at the liability date for a mortgage, assess
the mortgage, together with any other instruments of security, as a
"mortgage package" if the mortgage and other instruments secure or partly
secure the same money.
(2) This section applies regardless of when the other
instruments of security were first executed.
(3) Duty on a mortgage package
is to be assessed under this Part as if the instruments comprising the
mortgage package, to the extent that they secure the same moneys, were a
(4) One of the mortgages in the mortgage package is to be
stamped, or upstamped, with any ad valorem duty paid under this Act for the
mortgage package and each other mortgage in the mortgage package is to be
stamped as a collateral mortgage.
(5) If any of the mortgages in the
mortgage package partly secures other moneys, that mortgage is to continue to
be treated as a separate mortgage under this Chapter in respect of the other
moneys that it secures and may be stamped for the duty chargeable in respect
of those other moneys.
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