ABSTRACT
The trust was the exclusive product of the defunct Court of Chancery, but since the Judicature Acts 1873 and 1875, trusts may be enforced in any court of law. ‘A trust is an equitable obligation, binding a person to deal with property over which he has control for the benefit of persons of whom he may himself be one, and any one of whom may enforce the obligation.’ ‘The word “trust” refers to the duty or aggregate accumulation of obligations that rest upon a person described as trustee. ‘The essence of a trust is the imposition of an equitable obligation on a person who is the legal owner of property which requires that person to act in good conscience when dealing with that property in favour of any person who has the beneficial interest recognised by equity in the property.
