sec.263Extent mortgage is enforceable

### sec.263 Extent mortgage is enforceable A mortgage or mortgage package for which mortgage duty is imposed or a similar duty is chargeable under a corresponding Act is enforceable only to the extent of the amount secured by the mortgage or mortgage package for which duty has been paid, or the mortgage or mortgage package is exempt from duty, under this Act or the corresponding Act. For subsection (1) , mortgage duty has been paid on a mortgage or mortgage package affecting property that is partly in and partly outside Queensland if— duty has been paid on the total advances under the mortgage or mortgage package when the mortgage duty paid is taken with the duty paid under a corresponding Act; and the dutiable proportion of the mortgage or mortgage package is not incorrect by more than 5%. Under section 260 (3) , the dutiable proportion must be worked out by reference to property values according to a referable point. For subsection (1) , if an advance is made on or after 1 July 2004 under a mortgage or mortgage package that, before 1 July 2004, affected property located in Victoria and was properly stamped under the Duties Act 2000 (Vic) , the mortgage or mortgage package is taken to be a mortgage or mortgage package for which a similar duty is chargeable under a corresponding Act. For subsection (1) , if an advance is made on or after 1 July 2007 under a mortgage or mortgage package that, before 1 July 2007, affected property located in Tasmania and was properly stamped under the Duties Act 2001 (Tas) , the mortgage or mortgage package is taken to be a mortgage or mortgage package for which a similar duty is chargeable under a corresponding Act. s 263 amd 2004 No. 18 s 11 ; 2006 No. 44 s 78 (sec.263-ssec.1) A mortgage or mortgage package for which mortgage duty is imposed or a similar duty is chargeable under a corresponding Act is enforceable only to the extent of the amount secured by the mortgage or mortgage package for which duty has been paid, or the mortgage or mortgage package is exempt from duty, under this Act or the corresponding Act. (sec.263-ssec.2) For subsection (1) , mortgage duty has been paid on a mortgage or mortgage package affecting property that is partly in and partly outside Queensland if— duty has been paid on the total advances under the mortgage or mortgage package when the mortgage duty paid is taken with the duty paid under a corresponding Act; and the dutiable proportion of the mortgage or mortgage package is not incorrect by more than 5%. Under section 260 (3) , the dutiable proportion must be worked out by reference to property values according to a referable point. (sec.263-ssec.3) For subsection (1) , if an advance is made on or after 1 July 2004 under a mortgage or mortgage package that, before 1 July 2004, affected property located in Victoria and was properly stamped under the Duties Act 2000 (Vic) , the mortgage or mortgage package is taken to be a mortgage or mortgage package for which a similar duty is chargeable under a corresponding Act. (sec.263-ssec.4) For subsection (1) , if an advance is made on or after 1 July 2007 under a mortgage or mortgage package that, before 1 July 2007, affected property located in Tasmania and was properly stamped under the Duties Act 2001 (Tas) , the mortgage or mortgage package is taken to be a mortgage or mortgage package for which a similar duty is chargeable under a corresponding Act. - (a) duty has been paid on the total advances under the mortgage or mortgage package when the mortgage duty paid is taken with the duty paid under a corresponding Act; and - (b) the dutiable proportion of the mortgage or mortgage package is not incorrect by more than 5%.