sec.280Concession for mortgage duty—particular trusts

### sec.280 Concession for mortgage duty—particular trusts This section applies if— the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee, all or part of which is used, or to be used, to repay the balance outstanding under a previous mortgage over a home; and the beneficiaries are individuals all of whom are under a legal disability; and the residence is the home of all or some of the beneficiaries. This division applies as if— the mortgage were a home refinance mortgage; and the beneficiaries were the home refinance borrowers under it; and the beneficiaries were the owners of the home. (sec.280-ssec.1) This section applies if— the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee, all or part of which is used, or to be used, to repay the balance outstanding under a previous mortgage over a home; and the beneficiaries are individuals all of whom are under a legal disability; and the residence is the home of all or some of the beneficiaries. (sec.280-ssec.2) This division applies as if— the mortgage were a home refinance mortgage; and the beneficiaries were the home refinance borrowers under it; and the beneficiaries were the owners of the home. - (a) the trustee of a trust, other than a discretionary or unit trust, gives a mortgage to secure an advance to the trustee, all or part of which is used, or to be used, to repay the balance outstanding under a previous mortgage over a home; and - (b) the beneficiaries are individuals all of whom are under a legal disability; and - (c) the residence is the home of all or some of the beneficiaries. - (a) the mortgage were a home refinance mortgage; and - (b) the beneficiaries were the home refinance borrowers under it; and - (c) the beneficiaries were the owners of the home.