58PCollateral securities

#### 58P Collateral securities (1) Subject to subsection (2), a loan security that is a collateral security for the same money as is secured by a primary loan security is not liable to duty. (2) A loan security connected with the Territory that is a collateral security for the same money as is secured by a primary loan security connected with the Territory: (a) is liable to duty (if any) equal to the duty that would be payable on the collateral security if it were the primary loan security and the primary loan security had been executed when the collateral security was executed; and (b) within 30 days after it is executed, shall be lodged by the borrower with the Commissioner for assessment; unless the primary loan security or any other collateral security for the same money as is secured by the primary loan security has been duly stamped. (2A) Subsection (2) does not apply if the collateral security is executed on or after the termination day. (3) In this section, collateral security includes any additional or substituted security and any legal mortgage executed pursuant to an agreement, contract or covenant referred to in paragraph (f) of the definition of mortgage in section 58H.