161Stamping before advance

161 Stamping before advance S. 161(1) amended by No. 46/2001 s. 14(6)(a)(i). (1) A mortgage may be stamped before an advance whether or not an earlier advance has been made. (2) A mortgage referred to in section 159 or 160 may be stamped to secure any amount exceeding that to which it is already stamped based on the dutiable proportion at the time of stamping. (3) A mortgage stamped under subsection (2) is— (a) duly stamped; and (b) not required to be stamped in accordance with section 159 again until an advance brings the total amount secured above the amount to which it is already stamped. S. 161(4) amended by No. 46/2001 s. 14(6)(a)(ii). (4) Section 160(6) applies to a mortgage package stamped before an advance.