ABSTRACT
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. When a person has rights which he is bound to exercise upon behalf of another or for the accomplishment of some particular purpose he is said to have those rights in trust for that other and for that purpose and he is called a trustee. 'The essence of a trust is the imposition of an equitable obligation on a person who is the legal owner of property (a trustee) which requires that person to act in good conscience when dealing with that property in favour of any person (the beneficiary) who has the beneficial interest recognised by equity in the property.
