160Advances secured by mortgage package

160 Advances secured by mortgage package S. 160(1) substituted by No. 46/2001 s. 14(5). (a) at a liability date, 2 or more security instruments secure or partly secure the same money; and (b) at least one of the instruments is a security affecting property wholly or partly outside Victoria; and (c) at least one of the instruments is a mortgage— the instruments are known as a ***mortgage package***. S. 160(2) substituted by No. 46/2001 s. 14(5). (2) Also, a ***mortgage package*** may include— (a) a mortgage executed after the liability date if the Commissioner is satisfied that the mortgage was intended to be part of the package; and (b) a mortgage previously collateral to an earlier advance under some or all of the other mortgages in the package. S. 160(3) substituted by No. 46/2001 s. 14(5). (3) Mortgage duty must be assessed in accordance with the Part on the mortgage package as if the instruments comprising the mortgage package were one mortgage first executed on the day the last instrument to be executed was executed. S. 160(4) substituted by No. 46/2001 s. 14(5). (4) If 2 or more mortgages over property within Victoria form part of the security for a mortgage package, one of those mortgages must be stamped with the mortgage duty paid in Victoria for the mortgage package and the other mortgages must be stamped as collateral mortgages. S. 160(5) substituted by No. 46/2001 s. 14(5). (5) Evidence of the location and percentage value of any property is to be made by either party to the mortgage by way of the statement referred to in section 159(7). (6) If a person makes an application for the stamping of a mortgage referred to in subsection (1) and one or more of the other intended mortgages in the mortgage package has not yet been executed, the executed mortgage, until all the intended mortgages are executed, when stamped is security only for that amount of the advance to which the proportion of the property secured by all the executed mortgages bears to the total of the property expressed to secure the advance. (7) The Commissioner may endorse the executed mortgage to indicate the proportion of the advance secured by the mortgage pending the execution of the other intended mortgages. (8) If a mortgage secures the same advance as a mortgage package in respect of which duty has been paid under this Chapter and the mortgage is not part of a mortgage package, the mortgage is taken to be a collateral mortgage in respect of that advance.