sec.121Exemption—trust acquisition or surrender for dutiable property comprising only existing rights

### sec.121 Exemption—trust acquisition or surrender for dutiable property comprising only existing rights Transfer duty is not imposed on a dutiable transaction that is a trust acquisition or trust surrender of a trust interest if— the only dutiable property of the trust are existing rights of the holder of a mortgage, charge, bill of sale or other security over dutiable property located in Queensland; and the existing rights have been given in favour of the trustee for the sole purpose of being held for the benefit of the beneficiaries of the trust who have provided, or will from time to time provide, financial accommodation. - (a) the only dutiable property of the trust are existing rights of the holder of a mortgage, charge, bill of sale or other security over dutiable property located in Queensland; and - (b) the existing rights have been given in favour of the trustee for the sole purpose of being held for the benefit of the beneficiaries of the trust who have provided, or will from time to time provide, financial accommodation.