sec.248What is a mortgage

### sec.248 What is a mortgage An instrument is a mortgage if it is— a security by way of mortgage or charge over property wholly or partly in Queensland; or a security by way of a transfer of property wholly or partly in Queensland to a trustee, to be sold or otherwise converted into money, redeemable before the sale or conversion, other than if the transfer is made for the benefit of creditors who accept the transfer in full satisfaction of debts owed to them; or any transfer, or agreement for the transfer, of property wholly or partly in Queensland that is apparently absolute but is intended only as security; or See section 32 (Transfer by way of security—land). an instrument that, on the deposit of instruments of title to property wholly or partly in Queensland, becomes a mortgage or evidences the terms of a mortgage. However, for this chapter, an instrument mentioned in subsection (1) (a) is a mortgage only if it is a security by way of mortgage or charge over property wholly or partly in Queensland at the liability date. For sections 262 , 268 , 269 , 276 and 281 , a reference to a mortgage or previous mortgage includes a reference to a mortgage first signed before the repeal of the repealed Act. (sec.248-ssec.1) An instrument is a mortgage if it is— a security by way of mortgage or charge over property wholly or partly in Queensland; or a security by way of a transfer of property wholly or partly in Queensland to a trustee, to be sold or otherwise converted into money, redeemable before the sale or conversion, other than if the transfer is made for the benefit of creditors who accept the transfer in full satisfaction of debts owed to them; or any transfer, or agreement for the transfer, of property wholly or partly in Queensland that is apparently absolute but is intended only as security; or See section 32 (Transfer by way of security—land). an instrument that, on the deposit of instruments of title to property wholly or partly in Queensland, becomes a mortgage or evidences the terms of a mortgage. (sec.248-ssec.2) However, for this chapter, an instrument mentioned in subsection (1) (a) is a mortgage only if it is a security by way of mortgage or charge over property wholly or partly in Queensland at the liability date. (sec.248-ssec.3) For sections 262 , 268 , 269 , 276 and 281 , a reference to a mortgage or previous mortgage includes a reference to a mortgage first signed before the repeal of the repealed Act. - (a) a security by way of mortgage or charge over property wholly or partly in Queensland; or - (b) a security by way of a transfer of property wholly or partly in Queensland to a trustee, to be sold or otherwise converted into money, redeemable before the sale or conversion, other than if the transfer is made for the benefit of creditors who accept the transfer in full satisfaction of debts owed to them; or - (c) any transfer, or agreement for the transfer, of property wholly or partly in Queensland that is apparently absolute but is intended only as security; or Note— See section 32 (Transfer by way of security—land). - (d) an instrument that, on the deposit of instruments of title to property wholly or partly in Queensland, becomes a mortgage or evidences the terms of a mortgage.