Duties Act 2001

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 to finance the purchase or construction of a home or a further interest in 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 mortgage; and

the beneficiaries were the home borrowers or first home borrowers under it; and

the beneficiaries were the owners of the home.

However, section 273(2)(b) and (3) applies in relation to a beneficiary only if the beneficiary is under a legal disability only because the beneficiary is not at least 18 years of age.