Commentary on The Indian Trusts Act, 1882 (act no.2 of 1882)

Description

Commentary on The Indian Trusts Act, 1882

Introduction:

The Indian Trusts Act, 1882, is a comprehensive legislation that codifies the law relating to private trusts and trustees in India. It defines the responsibilities, duties, and liabilities of the trustees and outlines the rights of beneficiaries. It does not apply to public or religious trusts (which are governed by separate laws and principles of equity).

—

Key Definitions:

Trust: An obligation annexed to the ownership of property, arising out of confidence reposed in the trustee by the author of the trust.

Author of the Trust: The person who reposes or declares the confidence.

Trustee: The person in whom the confidence is reposed.

Beneficiary: The person for whose benefit the trust is created.

Trust Property: The subject-matter of the trust