sec.33Transfer by way of security—other dutiable property

### sec.33 Transfer by way of security—other dutiable property Transfer duty is not imposed on a dutiable transaction if— the transaction is a transfer of dutiable property by way of security; and the property is not land. Subsection (3) applies if— after the transfer by way of security, the transferee, or the transferee’s assignee, acquires ownership of the dutiable property free from any interest of the transferor, or transferor’s assignee; and the transferee, or the transferee’s assignee, were to newly acquire the dutiable property at the time of the acquisition mentioned in paragraph (a) , the acquisition would be a dutiable transaction. The acquisition of the ownership of the dutiable property by the transferee is taken to be a dutiable transaction and transfer duty imposed on the transaction must be reduced by the amount of mortgage duty, if any, paid on the transfer. (sec.33-ssec.1) Transfer duty is not imposed on a dutiable transaction if— the transaction is a transfer of dutiable property by way of security; and the property is not land. (sec.33-ssec.2) Subsection (3) applies if— after the transfer by way of security, the transferee, or the transferee’s assignee, acquires ownership of the dutiable property free from any interest of the transferor, or transferor’s assignee; and the transferee, or the transferee’s assignee, were to newly acquire the dutiable property at the time of the acquisition mentioned in paragraph (a) , the acquisition would be a dutiable transaction. (sec.33-ssec.3) The acquisition of the ownership of the dutiable property by the transferee is taken to be a dutiable transaction and transfer duty imposed on the transaction must be reduced by the amount of mortgage duty, if any, paid on the transfer. - (a) the transaction is a transfer of dutiable property by way of security; and - (b) the property is not land. - (a) after the transfer by way of security, the transferee, or the transferee’s assignee, acquires ownership of the dutiable property free from any interest of the transferor, or transferor’s assignee; and - (b) the transferee, or the transferee’s assignee, were to newly acquire the dutiable property at the time of the acquisition mentioned in paragraph (a) , the acquisition would be a dutiable transaction.