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(1) A security for the payment or repayment of money to be lent, advenced, paid or which may become due on an account current, either with or without money previously due is to be charged, where the total amount secured or to be ultimately recoverable is limited, with the same duty as a security for the amount so limited.

(2) Where the total amount is unlimited, the security shall be available for that amount only as the ad valorem duty impressed on the security extends to cover.