282Mortgage-backed securities

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.

s 282: Subst 2010 No 46, Sch 1.3 [37]. Am 2012 No 20, Sch 1 [23] [24].