58MDuty where amount secured is increased, is not a definite sum etc.

#### 58M Duty where amount secured is increased, is not a definite sum etc. (1) Where: (a) the total amount secured or to be ultimately recoverable by or under a loan security connected with the Territory is expressed in the loan security to be limited to a definite and certain sum of money (whether or not that total amount may be increased pursuant to the loan security); (b) that total amount is increased pursuant to an instrument (whether or not the loan security); and (c) in a case where that total amount is increased pursuant to an instrument other than the loan security—the loan security was executed on or after the date of commencement of this section; that instrument: (d) is liable to duty (if any) equal to the difference between: (i) the duty that would be payable if the instrument were a loan security connected with the Territory executed by the borrower in respect of the sum of the amounts payable or repayable under or secured by the first‑mentioned loan security and the amount of that increase and any previous increases; and (ii) the sum of: (A) the duty paid on the first‑mentioned loan security; and (B) any duty that has become payable by virtue of another application of this subsection in relation to an instrument relating to the first‑mentioned loan security and has been paid; and (e) within 30 days after that increase is made, shall be lodged by the borrower with the Commissioner for assessment. (2) Where: (a) a loan security is for the payment or repayment of money to be lent, advanced, or paid, or which may become due upon an account current either with or without money previously due; and (b) the total amount secured or to be ultimately recoverable is expressed in the loan security to be limited to a definite and certain sum of money; the loan security shall be deemed, for the purposes of this Act, to be a loan security for the payment or repayment of the amount so expressed. (3) Where the total amount secured or to be ultimately recoverable by or under a loan security connected with the Territory is not expressed in the loan security to be limited to a definite and certain sum of money, the loan security: (a) is liable to duty equal to the duty that would be payable on the loan security if it were a loan security for the payment or repayment of $15,000; and (b) within 30 days after it is executed, shall be lodged by the borrower with the Commissioner for assessment. (4) Where: (a) the total amount secured or to be ultimately recoverable by or under a loan security connected with the Territory is not expressed in the loan security to be limited to a definite and certain sum of money; and (b) the loan security is enforced in relation to an amount greater than $15,000; the loan security: (c) is liable to duty (if any) equal to the difference between the duty that would be payable on the loan security if it were a loan security for the payment or repayment of that greater amount and the duty previously paid in respect of the loan security; and (d) within 30 days after it is enforced, shall be lodged by the borrower with the Commissioner for assessment. (5) Where: (a) the total amount secured or to be ultimately recoverable by or under a loan security connected with the Territory is not expressed in the loan security to be limited to a definite and certain sum of money; and (b) an advance is made and the sum of that advance and any previous advances exceeds the amount in respect of which duty has been paid on the loan security; the loan security: (c) is liable to duty (if any) equal to the difference between: (i) the duty that would be payable on the loan security if it were a loan security in respect of the sum of: (A) the amount in respect of which duty has been paid on the loan security; and (B) the amount of the advance; and (ii) the duty previously paid on the loan security; and (d) within 30 days after the advance is made, shall be lodged by the borrower with the Commissioner for assessment. (6) This section does not apply to an increase or advance that is made, or an enforcement that occurs, on or after the termination day.