157Secured amount

157 Secured amount S. 157(1) substituted by No. 46/2001 s. 14(1). (1) A mortgage is chargeable with duty assessed on the amount of advances actually secured by it and recoverable under it. S. 157(2) amended by No. 46/2001 s. 14(2). (2) If duty of $4 is paid or taken to be paid in respect of a mortgage, the mortgage is taken to be stamped in respect of an amount of advances of $10 000. S. 157(3) substituted by No. 46/2001 s. 14(3). (3) For the purpose of subsection (1), if— (a) a mortgage has been duly stamped for an amount of advances secured by the mortgage; and (b) a further advance secured by the mortgage is made; and (c) the total amount of advances secured by the mortgage exceeds the amount for which the mortgage has been duly stamped— the amount of advances secured by the mortgage is the amount by which the amount of advances secured by the mortgage exceeds the amount for which the mortgage has been duly stamped. (4) If several mortgages over the same property are executed to secure the same advance— (a) only one is chargeable with duty under this Chapter; and (b) the Commissioner may denote the payment of the duty on the other mortgages. (5) If the duty chargeable on a mortgage depends on duty paid on another instrument, the Commissioner may denote the payment of the duty so paid on the mortgage.