Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 533

533 Liability for mortgage duty for particular mortgages first signed before commencement day

(1) This section applies if—

(a) a mortgage is first signed before the commencement day; and

(b) an advance or further advance is made on or after the commencement day; and

(c) the amount of the advances secured by the mortgage exceeds the amount for which the mortgage has been duly stamped under the repealed Act or a corresponding Act.

(1A) To remove any doubt, it is declared that the mortgage is a mortgage for section 248 and section 252(2) applies to it.

(2) Section 261 applies as if a reference to liability to duty arising under this Act were a reference to liability to stamp duty arising under the repealed Act.

Note—

Section 261 (Advances secured by mortgage package). See also section 252 (When liability for mortgage duty arises).