ABSTRACT
The modern form of the trust evolved from an early device known as the ‘use’. The ‘use’ would arise where legal ownership was transferred to one party for the use of another. The Chancery jurisdiction would enforce the obligation of the legal holder to ‘use’ the property for the benefit of the other party. The other party was held to ‘own’ the property in equity, and Chancery would impose equitable obligations upon the legal interest holder to ensure that the ‘use’ was upheld. This process represented the rudimentary basis for the institution which became known as the trust.
