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A "trust" is an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declare and accepted by him, for the benefit of another, or of another and the owner.
- Author of trust:- the person who reposes or declares the confidence is called "author of the trust".
- Trustee:- The person who accepts the confidence is called the "trustee".
- Beneficiaries:- The person for whose benefits the confidence is accepted is called the "beneficiary".
- Trust property:- The subject matter of the trust is called the "trust property" or "trust money".
- Instrument of trust:- The instrument, if any, by which the trust is declared is called the "instrument of trust".
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