CHAPTER IV
The Extinction of an Express Trust
Sec. 77.
- A trust comes to end in the following cases—
(i) When the purpose is completely carried out.
(ii) When its purpose becomes unlawful.
(iii) When the fulfilment becomes impossible.
(iv) When the trust being revocable is expressly revoked.
(v) If there is only one beneficiary or if there are several (whether entitled concurrently or successively) and they are or they are not under any disability (such as infant, lunatic) the trust may be extinguished by them without reference to the wishes of the settor or the trustees.
The terms for the extinction of a trust are the same as those for the extinction of a contract.
Two questions remain to be considered.
(i) When does a trust becomes administrable ?
(ii) What estate does the Trustee and Beneficiary have in the trust ?
- These questions are preliminary to the question of the administration of the turst.
I. When does a trust begin to function ?
A trust becomes administrable when it has been accepted by the Trustee and the beneficiary—
I. D ISCLAIMER AND ACCEPTANCE OF A T RUST
Acceptance Art. 34=Sect. 10.
Although the author of the trust may appoint a person as a trustee, the person so appointed is not bound to accept such appointment.
A person appointed to the office of a trustee may accept the office or he may disclaim it.
The acceptance of the office may be indicated expressly or by conduct. If it is by conduct it must indicate with reasonable certainty such acceptance.