what is trust under Indian Trust Act,1882?
2 Replies
sivadas chettoor
(CA)
(2644 Points)
Replied 02 March 2010
A trust is an obligation annexed to the ownership of property and arising 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. Please note that Indian Trust Act applies to private trusts and not to public trusts. Yet the principles and decisions renedred therein can be applied to public trusts as well. The person creating the trust is the Author or settlor. The person on whom the author reposes the confidence is the trustee. The person for whose benefit the trust is created is the beneficiary. Regarding the ltrust property, the trustee is the legal owner whereas the beneficiary is the beneficial owner.
Private trusts are created for the benefit of an individual or a few persons whom the author would select. In the case of a public trust the beneficiaries are generally the public or a good section of the public.
siva208 @ yahoo.com
Tapan Kar
(Teacher)
(21 Points)
Replied 15 March 2012
When a Trust established to provide education or fother motive than it will be treated as private trust ?
Thnaks,
Tapan Kar
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