What is mean by Trust

Trust is an Agreement of rights over property called the trust res, trust estate or corpus, under which the owner or holder of the title, called the trustee, is required in equity to permit use of it by some other person called the beneficiary of the cestui quie trust.  The interest of the beneficiary may extend almost to complete control and enjoyment of the property which is the subject of the trust.  If it becomes so complete that no power or interest or duty is left in the trustee at all, the latter is said to hold the naked legal title, and the trust becomes a dry trust, indistinguishable from a use.  The interest of the beneficiary or cestui que trust is considered an equitable title as contrasted with the legal title of the trustee.

A trust may be created by grant of the owner, the trustor or settler to the trustee.  It needs to consideration from the trustee or acceptance by him.  He may, however, decline to act, in which case another trustee must be found.  A trust may likewise be created by simple declaration of the owner of property that he henceforth holds the res in trust for a named or determinable beneficiary.

If a trustee declines, or fails to qualify – where that is necessary or dies or is otherwise incapacitated, the court will appoint someone else as trustee, since equity will not allow a trust to fail for want of a trustee. If no beneficiary can be found, the trust fails and the equitable title is merged in the legal title.

Trusts are frequently created by will, and these testamentary trusts are very much like the fidei commissa of the Roman Law.

Trusts are either express or implied. Express trusts are those that have been described above.  Implied trusts are either resulting or constructive.  Trusts are also named according to their purpose, eg., charitable trusts and spendthrift or protective trusts.

Secondarily Trust is a term used for combinations of large industrial corporations or individuals, which have in fact, or tend to obtain, control of an industry or of a group of industries.  The term came into use because of the practice of these corporations to transfer their stock to another corporation which was to hold it in trust for them.  The term is also used of cartels, pools and syndicates which seek to obtain monopolistic control.

Trustee

Trustee is the owner of the legal title of the trust res or trust estate or corpus, in which some other person has the beneficial or equitable interest.

Tust deed

Trust deed is a deed given to a creditor to secure a loan.

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