Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The amount secured
by a mortgage is the amount equal to the sum of the advances actually secured
by it and recoverable under the terms of the mortgage.
(2) However,
if —
(a) a
mortgage has been stamped, or is exempt from duty, under this or a
corresponding Act for an amount of advances secured by the mortgage;
(b) a
further advance secured by the mortgage is made; and
(c) the
total amount secured by the mortgage exceeds the amount for which the mortgage
has been stamped,
then the amount
secured by the mortgage is the amount by which the amount of the advances
secured by the mortgage exceeds the amount for which the mortgage has been
stamped.
(3) Mortgage duty is
not payable on any part of the secured amount that is advanced for one or more
of the following —
(a) the
insurance of the mortgaged property against damage by fire, or for keeping up
a life insurance policy included in the mortgaged property or for taking out a
new life insurance policy in lieu of the previous policy;
(b) the
renewal of any grant or lease of any of the mortgaged property upon the ending
of a life interest in the mortgaged property.
[Section 89 inserted by No. 66 of 2003
s. 79.]