Queensland Consolidated Acts Queensland Consolidated Acts(1) Subject to subsection (2), a provision in a mortgage securing an interest relating to the provision of credit to the effect that the mortgagor charges all the mortgagor's property or assets or all the mortgagor's property and assets and that does not specify the property or assets is void.
(2) Subsection (1) does not apply to a provision in a mortgage to the effect that the mortgagor charges only property or assets of a business carried on by the mortgagor.
(3) A mortgagee shall not enter into a mortgage that includes a provision that, because of subsection (1), is void.
Maximum penalty--40 penalty units.