sec.53Creating trust of dutiable property

### sec.53 Creating trust of dutiable property A trust of dutiable property is created if a person, who has acquired property other than as trustee, starts to hold the property as trustee. Also, a trust of dutiable property is created if all the following apply— a person holds dutiable property on trust ( trust 1 ); the person is also trustee of another trust ( trust 2 ); the person ceases to hold the dutiable property as trustee of trust 1 and starts to hold the dutiable property as trustee for trust 2; when the person starts to hold the dutiable property as trustee for trust 2— a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases. Section 498 includes provision about references to dutiable property. s 53 amd 2008 No. 75 s 20 (sec.53-ssec.1) A trust of dutiable property is created if a person, who has acquired property other than as trustee, starts to hold the property as trustee. (sec.53-ssec.2) Also, a trust of dutiable property is created if all the following apply— a person holds dutiable property on trust ( trust 1 ); the person is also trustee of another trust ( trust 2 ); the person ceases to hold the dutiable property as trustee of trust 1 and starts to hold the dutiable property as trustee for trust 2; when the person starts to hold the dutiable property as trustee for trust 2— a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases. Section 498 includes provision about references to dutiable property. - (a) a person holds dutiable property on trust ( trust 1 ); - (b) the person is also trustee of another trust ( trust 2 ); - (c) the person ceases to hold the dutiable property as trustee of trust 1 and starts to hold the dutiable property as trustee for trust 2; - (d) when the person starts to hold the dutiable property as trustee for trust 2— (i) a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or (ii) a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases. - (i) a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or - (ii) a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases. - (i) a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or - (ii) a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases.