74Transfers relating to mortgages

74 Transfers relating to mortgages (1) Duty under this chapter is not payable in relation to a dutiable transaction if it is— (a) a dutiable transaction over dutiable property arising from the discharge or transfer of a mortgage or declaration of trust over a mortgage; or (b) a dutiable transaction comprising— (i) a transfer by way of discharge of mortgage; or (ii) a transfer by way of mortgage (other than a transfer by way of mortgage of land, or an estate or interest in land, under the Land Titles Act 1925).

mortgage means any charge on dutiable property created merely for securing a debt.