ABSTRACT
One of the key tenets of the law of trusts is that the trust fund itself must be certain (Re London Wine Co (1986)). There is logic in this classic approach: a trust is a relationship between trustee and beneficiary which requires both to observe the terms created by the settlor in relation to the property which is held on trust. Without the property, there could not be a trust. In truth, the trust is a mixture of property law concepts and concepts of obligations between trustee and beneficiary. Without the property, there could be no other obligations.
