Professional Documents
Culture Documents
Prepared By:
CHETAN : 33
TARUN : 50
WAHID : 59
AJAY : 80
PRANIT : 10
BHARTI : 25
VANDANA : 43
Class : F.Y.Bcom.
(Banking &
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Insurance)
DEFINITION:
3) TRUSTEE:
The person who accepts the confidence and is
responsible to hold the trust property for the
benefit of the beneficiaries is known as
Trustee.
4) BENEFICIARY:
The person for whose benefit the trust is
created is known as the Beneficiary. Author of
the trust can himself be one of the beneficiary.
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Classification Of
Trust
Public Private
Trust Trust
CLASSIFICATION OF TRUSTS:
1)Public Trust:
When the trust is constituted for the benefit of
the at large or of some considerable portion of it
answering a particular description it is a public
trust. A public trust is of permanent and
indefinite character. In public trust beneficiaries
are not capable of ascertainment. Such trusts are
generally created for public support and
convenience.
a)Religious Trust:
A trust is known as religious trust; if it is
constituted to uphold and promote particular
religion, propagate views of a particular religion,
to maintain a particular religious place, etc.
E.g. Trust constituted for maintaining a temple,
Parsee Trust.
b)Charitable Trust:
Charitable trust comes in the category of public
trust. Charitable trust means a trust created for
philanthropic purpose. The main object of
charitable trust is the general welfare of the
community at large.
2)Private Trust
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a)Discretionary Trust:
A trust is regarded as discretionary trust, if the
income or any part thereof is specifically
receivable on behalf or for the benefit of any one
person or where individual share of beneficiaries
are indeterminate or unknown.
b)Definite Trust:
A trust is regarded as definite trust where the
shares of the beneficiaries are determinate or
known.
c) Oral Trust:
A trust, which is not declared by a duly executed
deed in writing, is considered as a oral trust.
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RIGHTS OF BENEFICIARY:
• An alien enemy.
LIABILITY OF BENEFICIARY:
If a beneficiary commits breach of trust
or intentionally obtains any advantage there
from, without the consent of other beneficiaries,
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