New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
DUTIES ACT 1997 - SECT 282
Mortgage-backed securities
282 Mortgage-backed securities
(1) Duty under this Act is not chargeable in respect of a mortgage to the
extent that it is a mortgage over the interest of a person in a
pool of mortgages relating to debt securities that are mortgage-backed
securities issued by the person to secure the repayment of financial
accommodation provided to the person.
(2) Duty under this Act is not
chargeable in respect of a mortgage to the extent that it is a mortgage of a
mortgage or pool of mortgages or part of a pool of mortgages in connection
with creating, issuing, marketing or securing a mortgage-backed security.
(3)
Duty under this Act is not chargeable in respect of a transaction or
instrument to the extent that it is, or effects-- (a) the issue or making of a
mortgage-backed security, or
(b) the transfer or assignment of or other
dealing with a mortgage-backed security, or
(c) the discharge, cancellation
or termination of a mortgage-backed security.
(4) Duty under this Act is not
chargeable in respect of a mortgage executed on or after 1 July 1998 to the
extent that it is a mortgage of a mortgage or pool of mortgages or part of a
pool of mortgages for the purpose of creating, issuing, marketing or securing
a mortgage-backed security-- (a) to a person entitled to a
mortgage-backed security or a trustee or agent for such a person, or
(b) by
or to a person who issues, makes or endorses a mortgage-backed security, or
(c) to a person who provides security (whether as a guarantor, surety or
otherwise) to a person entitled to a mortgage-backed security or a trustee or
agent for such a person.
(5) In this section, and in the definitions of
"mortgage-backed security" and
"pool of mortgages" in the Dictionary, a reference to a mortgage includes a
reference to a charge.
Note :
"Mortgage-backed security" and
"pool of mortgages" are defined in the Dictionary.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback