213Amount secured by mortgage

213 Amount secured by mortgage

213 Amount secured by mortgage

(1) For the purposes of this Chapter, the amount secured by a mortgage is the amount of any advances made under an agreement, understanding or arrangement for which the mortgage is security (even if the amount of advances made exceeds the amount of advances recoverable under the mortgage).

(2) A reference in this Chapter to an advance secured by or made under a mortgage includes a reference to any advance made under an agreement, understanding or arrangement for which the mortgage is security (whether or not the advance is recoverable under the mortgage).

(3) To avoid doubt, an advance made under an agreement, understanding or arrangement includes any advance made as a consequence of a variation to that agreement, understanding or arrangement.

s 213: Am 1998 No 44, Sch 1 [41]. Subst 2002 No 108, Sch 1 [22]; 2006 No 49, Sch 1 [32]; 2009 No 51, Sch 1.3 [8].