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Trusts Act 2025
sec.109Definitions for division
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sec.109 Definitions for division
In this division— mortgage debt see section 110 (1) (a) . primary beneficiary , in relation to a mortgage debt held on trust for persons in succession, means the person entitled to the interest of the mortgage debt. priority outgoing , in relation to land the subject of a mortgage, means any of the following— rents, taxes, rates and other outgoings affecting the land; premiums on insurance properly payable in respect of the land; annual amounts or other payments and the interest on principal amounts having priority to the mortgage.
- (a) rents, taxes, rates and other outgoings affecting the land;
- (b) premiums on insurance properly payable in respect of the land;
- (c) annual amounts or other payments and the interest on principal amounts having priority to the mortgage.