sec.112Application of income—priority outgoings accruing before trustee becomes mortgagee in possession

sec.112 Application of income—priority outgoings accruing before trustee becomes mortgagee in possession

This section applies in relation to a priority outgoing in relation to the land if, or to the extent, the priority outgoing accrued before the day the trustee became mortgagee in possession of the land. If the trustee considers it necessary to do so in the administration of the trust, the trustee may apply the income of the land received by the trustee in payment of the priority outgoing. However, the primary beneficiary is entitled to recoup out of the capital of the mortgage debt any payment made by the trustee under subsection (2) . This section applies despite any other provision of this division. (sec.112-ssec.1) This section applies in relation to a priority outgoing in relation to the land if, or to the extent, the priority outgoing accrued before the day the trustee became mortgagee in possession of the land. (sec.112-ssec.2) If the trustee considers it necessary to do so in the administration of the trust, the trustee may apply the income of the land received by the trustee in payment of the priority outgoing. (sec.112-ssec.3) However, the primary beneficiary is entitled to recoup out of the capital of the mortgage debt any payment made by the trustee under subsection (2) . (sec.112-ssec.4) This section applies despite any other provision of this division.