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Posted
19 April 2006

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Bankers are Funny

Here is section 3.1 of the Usual Terms and Conditions (UTC) for Consumer Mortgage Lending, from the Commonwealth Bank:

If the Security is not in existence at the date of the Contract, you agree to give us the Security.

I think this is mostly in reference to properties that are bought off the plan — when it's built it becomes property of the bank — but they sure have a funny way of putting it.

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