Sec. 3. TRUST is an obligationannexed to the ownership of property, arising out of confidencereposed in and accepted by theowner or declared and accepted byhim for the benefit of another oranother and the owner.
Indian Trust Act, 1882Indian Trust Act, 1882
(i) The person who reposes ordeclares the confidence is called theAuthor of the Trust or settler.
(ii) The person who accepts theconfidence is called the Trustee.
(iii) The person for whose benefit theconfidence is accepted is calledbeneficiary.
(iv) The subject matter of the trust iscalled the Trust Property or Trustmoney.