227   Unregistered mortgages protected by caveats (anti-avoidance provision)

(1)  A caveat under the Real Property Act 1900 in which an estate or interest is claimed under an unregistered mortgage is chargeable with duty.

(2)  The amount of duty is:

(a)  if the mortgage is chargeable, but not stamped, with mortgage duty—the same amount as is chargeable on the mortgage, or

(b)  if the mortgage is stamped, or is not chargeable, with mortgage duty—$10.

(3)  The person liable to pay the duty is the mortgagor.

(4)  This section does not apply to a caveat lodged in respect of a mortgage that is exempt from mortgage duty under Part 4.