Indian Trusts Act, by Anubrati Debnath at lexcliq.

  1. Definition:-

 

INDIAN TRUSTS ACTS, 1882 is an act related to private trusts & trustees.

 

According to the Indian Trust Act, trust means an obligation annexed to the ownership of property, & arising out of a confidence reposed in & accepted by the owner for the benefit of another or her and owner.

 

  • The person who declares the confidence is called the author of the trust.

 

  • The person who accepts the confidence is called the trustee.

 

  • The subject matter of the trust is called trust property or trust monetary.

 

  • The written document through which trust is created is called not trust.

 

  • The person whose benefit of confidence is accepted is called the beneficiary.

 

  1. Creation of trust:-

 

The elements of valid trust are presented in section-6.

 

The act defines how the author could create the trust, assign trustees and give them his monetary assets to be controlled by the trust. It may be expressed or implied. It includes-

 

  • The intention of the author to create trust.

 

  • Purpose of the trust.

 

  • The monetary asset is assigned for the benefit of the trustee.

 

  • Gives control or transfer of the trust property to the trustee which includes the intention of the author.

 

  • The trustee can claim expenses & salary from the benefits from the trust of his work.

 

The trust law requires that the author should indicate by words or conduct with the reasonable intention to create ust.

 

  • Section 8: About the subject matter

Under this provision, the trust law requires that the subject matter must be property & are capable of being transferred to the beneficiary.

 

  • Section 5: Nature of the property. Under this provision, properties which are transferred to the trustee may be moveable or immoveable.

 

In the case of immovable property, it may be valid if the author of the trust & the trustee being signed on the instrument & by the will of the author of the trust.

 

  • Section 4: Purpose should be lawful

Under the provision, sec4 states that a trust must be created for law purposes.

Dispose of the law of trust is unlawful, the trust becomes void.

 

But as if the trust property is located in the country, the law of that country shall apply.

 

  • Section 7: Competent to contract. According to sec-7 of the trust law in India says that a trust may be created by every person competent to contract. But where the trust is created on behalf of minors permission from civil court jurisdiction should be obtained first.

 

  • Section 9 Who may be beneficiary

Under the provision, every person capable of holding property may be a beneficiary. As if the proposed beneficiary may renounce his interest under the trust he can by disclaimer addressed to the trustee, by giving notice.

 

  1. Who may be Trustee under the trust laws:-

 

Section 10 says that every person who is competent to contract are capable of holding property as trustee.

 

However, no person is bound to accept an appointed trust us option to accept or reject the trust. He has to intend his acceptance by words, written, spoke or by conduct. 

 

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