152When does a liability arise?

152 When does a liability arise? (1) A mortgage is liable to duty on the date of its first execution. S. 152(2) amended by No. 46/2001 s. 12(1)(c). (2) A mortgage is liable to duty on the making of an advance or further advance by which the amount secured by the mortgage exceeds the amount secured by it at the date a liability to duty last arose in respect of it under this or a corresponding Act. S. 152(3) substituted by No. 46/2001 s. 12(2). (3) An instrument of security that does not affect property in Victoria at the date of first execution but that affects land in Victoria at any time within 12 months after that date becomes liable to duty as a mortgage on the date on which it first affects the land, unless it is duly stamped under a corresponding Act. S. 152(4) amended by No. 46/2001 s. 12(3). (4) An instrument that, on the deposit of documents of title, authority to control title or a pledge to provide that control, to property in Victoria, becomes a mortgage or evidences the terms of a mortgage is liable to duty as a mortgage on the deposit of the documents or instruments or the provision of authority to control title or a pledge to provide such control. S. 152(5) inserted by No. 30/2002 s. 8(1). (5) A reference in subsection (3) to land does not include a reference to an interest in land that is held by way of security.