sec.11BWhat are the beneficial interests in a project trust

### sec.11B What are the beneficial interests in a project trust The beneficiaries of a project trust for a contract have a beneficial interest in— for a subcontractor for the contract (as beneficiary)—all amounts the subcontractor is entitled to be paid in connection with project trust subcontracts; or for the contracted party for the contract (as beneficiary)—the remainder for the trust. In this section— remainder , for a project trust, means the amount still held in trust after subtracting all amounts subcontractor beneficiaries are entitled to be paid in connection with project trust subcontracts. s 11B ins 2020 No. 24 s 63 amd 2024 No. 14 s 24 (sec.11B-ssec.1) The beneficiaries of a project trust for a contract have a beneficial interest in— for a subcontractor for the contract (as beneficiary)—all amounts the subcontractor is entitled to be paid in connection with project trust subcontracts; or for the contracted party for the contract (as beneficiary)—the remainder for the trust. (sec.11B-ssec.2) In this section— remainder , for a project trust, means the amount still held in trust after subtracting all amounts subcontractor beneficiaries are entitled to be paid in connection with project trust subcontracts. - (a) for a subcontractor for the contract (as beneficiary)—all amounts the subcontractor is entitled to be paid in connection with project trust subcontracts; or - (b) for the contracted party for the contract (as beneficiary)—the remainder for the trust.