362 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
A trust arises out of a confidence reposed in and accepted by the owner.
The owner in the eye of the law is the trustee. After the trust is created the author of the trust ceases to be the owner of the property.
I. W HAT IS A T RUST .
- The terms Trust and Trustee are defined in various enactments of the Indian Legislature.
(i) Definition in Specific Relief Act I of 1877.
Section 3 —
(1) Obligation includes every duty enforceable by law.
(2) Trust includes every species of express, implied or constructive fiduciary ownership,
(3) Trustee includes every person holding expressly, by implication, or constructively a fiduciary ownership.
(ii) Definition in the Indian Trustees Act XXVII of 1866.
Section 2 —
“Trust shall not mean the duties incident to an estate conveyed by way of mortgage; but with this exception, the words trust and trustee shall extend to and include implied and constructive trusts, and shall extend to and include cases where the trustee has some beneficial estate or interest in the subject of the trust, and shall extend to and include the duties incident to the office of executor or administrator of a deceased person.
(iii) Definition in Limitation Act IX of 1908.
Section 2 (ii) —
Trustee does not include a benamidar, a mortgagee remaining in possession after the mortgage has been satisfied or a wrongdoer in possession without title.
(iv) Indian Trusts Act II of 1872.
(1) Section 3—“A trust is an obligation annexed to the ownership of property...
(2) Ingredients of a Trust
(i) A Trust in an obligation.
(ii) The obligation must be annexed to the ownership of property.
(iii) The ownership must arise out of confidence reposed in and accepted by the owner.