sec.252When liability for mortgage duty arises

### sec.252 When liability for mortgage duty arises A mortgage is liable to mortgage duty when it is first signed. A mortgage is liable to mortgage duty on the making of an advance or further advance that results in the total amount secured by the mortgage exceeding the amount secured by it for which it has been properly stamped, or is exempt from duty, under this or a corresponding Act. Subsection (4) applies to an instrument of security if— the instrument does not affect property in Queensland when it is first signed; and the instrument affects property in Queensland— for land, other than a security interest—within 1 year after the instrument is first signed; or for other property—at any time after the instrument is first signed; and for other property mentioned in paragraph (b) (ii) — the property is specifically identified, whether or not in the instrument, when the instrument is first signed; and under an arrangement in place when the instrument is first signed, the property is intended to be secured by the security. The instrument of security is liable for mortgage duty when it first affects the property or land unless it is stamped with, or is exempt from, similar duty under a corresponding Act. An instrument that, on the deposit of instruments of title to property in Queensland, becomes a mortgage or evidences the terms of a mortgage is liable to mortgage duty on the deposit of the instruments. s 252 amd 2004 No. 18 s 8 (sec.252-ssec.1) A mortgage is liable to mortgage duty when it is first signed. (sec.252-ssec.2) A mortgage is liable to mortgage duty on the making of an advance or further advance that results in the total amount secured by the mortgage exceeding the amount secured by it for which it has been properly stamped, or is exempt from duty, under this or a corresponding Act. (sec.252-ssec.3) Subsection (4) applies to an instrument of security if— the instrument does not affect property in Queensland when it is first signed; and the instrument affects property in Queensland— for land, other than a security interest—within 1 year after the instrument is first signed; or for other property—at any time after the instrument is first signed; and for other property mentioned in paragraph (b) (ii) — the property is specifically identified, whether or not in the instrument, when the instrument is first signed; and under an arrangement in place when the instrument is first signed, the property is intended to be secured by the security. (sec.252-ssec.4) The instrument of security is liable for mortgage duty when it first affects the property or land unless it is stamped with, or is exempt from, similar duty under a corresponding Act. (sec.252-ssec.5) An instrument that, on the deposit of instruments of title to property in Queensland, becomes a mortgage or evidences the terms of a mortgage is liable to mortgage duty on the deposit of the instruments. - (a) the instrument does not affect property in Queensland when it is first signed; and - (b) the instrument affects property in Queensland— (i) for land, other than a security interest—within 1 year after the instrument is first signed; or (ii) for other property—at any time after the instrument is first signed; and - (i) for land, other than a security interest—within 1 year after the instrument is first signed; or - (ii) for other property—at any time after the instrument is first signed; and - (c) for other property mentioned in paragraph (b) (ii) — (i) the property is specifically identified, whether or not in the instrument, when the instrument is first signed; and (ii) under an arrangement in place when the instrument is first signed, the property is intended to be secured by the security. - (i) the property is specifically identified, whether or not in the instrument, when the instrument is first signed; and - (ii) under an arrangement in place when the instrument is first signed, the property is intended to be secured by the security. - (i) for land, other than a security interest—within 1 year after the instrument is first signed; or - (ii) for other property—at any time after the instrument is first signed; and - (i) the property is specifically identified, whether or not in the instrument, when the instrument is first signed; and - (ii) under an arrangement in place when the instrument is first signed, the property is intended to be secured by the security.