sec.60Beneficiary’s trust interest is percentage of or proportionate to property held on trust

### sec.60 Beneficiary’s trust interest is percentage of or proportionate to property held on trust A beneficiary’s trust interest is— for a beneficiary who is a taker in default under a discretionary trust— the percentage of the trust income or trust property the beneficiary would receive in default of appointment by the trustee; or if the beneficiary would receive both trust income and trust property in default of appointment by the trustee, the greater percentage of the trust income or trust property the beneficiary would receive; or for a beneficiary of a trust, other than a discretionary trust, whose entitlement is solely to income of the property held on trust—the proportion that the value of the beneficiary’s entitlement bears to the value of the entitlements of all beneficiaries expressed as a percentage; or for another beneficiary—the proportion that the beneficiary’s entitlement under the trust bears to the unencumbered value of the property held on trust expressed as a percentage. For subsection (1) (c) , the beneficiary’s entitlement under the trust is— the amount of the unencumbered value of the property held on trust that the beneficiary could receive as a result of the acquisition of the beneficiary’s trust interest determined at the time of acquisition of the interest; or the entitlement stated in subsection (3) if— the beneficiary’s entitlement under the trust is not subject to a prior life interest; and the beneficiary’s entitlement under the trust may increase, including from nothing, on the fulfilment of any condition, contingency or the exercise or non-exercise of any power or discretion; and the condition, contingency, power or discretion is part of an arrangement a significant purpose of which is to lessen the amount of the beneficiary’s entitlement at a particular time. For subsection (2) (b) , the beneficiary’s entitlement under the trust is the maximum interest in the property held on trust that the beneficiary would have on the fulfilment of the condition or contingency or the exercise or non-exercise of the power or discretion. For a majority trust acquisition, a reference in this section to a beneficiary’s entitlement under the trust includes the entitlement under the trust of related persons of the beneficiary. s 60 amd 2004 No. 18 s 5 (sec.60-ssec.1) A beneficiary’s trust interest is— for a beneficiary who is a taker in default under a discretionary trust— the percentage of the trust income or trust property the beneficiary would receive in default of appointment by the trustee; or if the beneficiary would receive both trust income and trust property in default of appointment by the trustee, the greater percentage of the trust income or trust property the beneficiary would receive; or for a beneficiary of a trust, other than a discretionary trust, whose entitlement is solely to income of the property held on trust—the proportion that the value of the beneficiary’s entitlement bears to the value of the entitlements of all beneficiaries expressed as a percentage; or for another beneficiary—the proportion that the beneficiary’s entitlement under the trust bears to the unencumbered value of the property held on trust expressed as a percentage. (sec.60-ssec.2) For subsection (1) (c) , the beneficiary’s entitlement under the trust is— the amount of the unencumbered value of the property held on trust that the beneficiary could receive as a result of the acquisition of the beneficiary’s trust interest determined at the time of acquisition of the interest; or the entitlement stated in subsection (3) if— the beneficiary’s entitlement under the trust is not subject to a prior life interest; and the beneficiary’s entitlement under the trust may increase, including from nothing, on the fulfilment of any condition, contingency or the exercise or non-exercise of any power or discretion; and the condition, contingency, power or discretion is part of an arrangement a significant purpose of which is to lessen the amount of the beneficiary’s entitlement at a particular time. (sec.60-ssec.3) For subsection (2) (b) , the beneficiary’s entitlement under the trust is the maximum interest in the property held on trust that the beneficiary would have on the fulfilment of the condition or contingency or the exercise or non-exercise of the power or discretion. (sec.60-ssec.4) For a majority trust acquisition, a reference in this section to a beneficiary’s entitlement under the trust includes the entitlement under the trust of related persons of the beneficiary. - (a) for a beneficiary who is a taker in default under a discretionary trust— (i) the percentage of the trust income or trust property the beneficiary would receive in default of appointment by the trustee; or (ii) if the beneficiary would receive both trust income and trust property in default of appointment by the trustee, the greater percentage of the trust income or trust property the beneficiary would receive; or - (i) the percentage of the trust income or trust property the beneficiary would receive in default of appointment by the trustee; or - (ii) if the beneficiary would receive both trust income and trust property in default of appointment by the trustee, the greater percentage of the trust income or trust property the beneficiary would receive; or - (b) for a beneficiary of a trust, other than a discretionary trust, whose entitlement is solely to income of the property held on trust—the proportion that the value of the beneficiary’s entitlement bears to the value of the entitlements of all beneficiaries expressed as a percentage; or - (c) for another beneficiary—the proportion that the beneficiary’s entitlement under the trust bears to the unencumbered value of the property held on trust expressed as a percentage. - (i) the percentage of the trust income or trust property the beneficiary would receive in default of appointment by the trustee; or - (ii) if the beneficiary would receive both trust income and trust property in default of appointment by the trustee, the greater percentage of the trust income or trust property the beneficiary would receive; or - (a) the amount of the unencumbered value of the property held on trust that the beneficiary could receive as a result of the acquisition of the beneficiary’s trust interest determined at the time of acquisition of the interest; or - (b) the entitlement stated in subsection (3) if— (i) the beneficiary’s entitlement under the trust is not subject to a prior life interest; and (ii) the beneficiary’s entitlement under the trust may increase, including from nothing, on the fulfilment of any condition, contingency or the exercise or non-exercise of any power or discretion; and (iii) the condition, contingency, power or discretion is part of an arrangement a significant purpose of which is to lessen the amount of the beneficiary’s entitlement at a particular time. - (i) the beneficiary’s entitlement under the trust is not subject to a prior life interest; and - (ii) the beneficiary’s entitlement under the trust may increase, including from nothing, on the fulfilment of any condition, contingency or the exercise or non-exercise of any power or discretion; and - (iii) the condition, contingency, power or discretion is part of an arrangement a significant purpose of which is to lessen the amount of the beneficiary’s entitlement at a particular time. - (i) the beneficiary’s entitlement under the trust is not subject to a prior life interest; and - (ii) the beneficiary’s entitlement under the trust may increase, including from nothing, on the fulfilment of any condition, contingency or the exercise or non-exercise of any power or discretion; and - (iii) the condition, contingency, power or discretion is part of an arrangement a significant purpose of which is to lessen the amount of the beneficiary’s entitlement at a particular time.