September 22nd, 2021

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trust

Interpretation Clause "Trust" - A “trust” is an obligation annexed to the ownership of property, and rising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner:
• the person who reposes or declares the confidence is called the “author of the trust” :
• the person who accepts the confidence is called the “trustee”:
• the person whose benefit the confidence is accepted is called the “beneficiary”:
• the subject-matter of the trust is called “trust-property” or “trust-money”:
• the “beneficial interest” or “interest” of the beneficiary is his right against the trustee as owner of the trust-property: and
• the instrument, if any, by which the trust is declared is called the “instrument of the trust”: