Indian Trusts Act,1882
Act No : 2
Section : Who may be trustee
10. Who may be trustee.-Every person capable of holding propertymay be a trustee; but, where the trust involves the exercise ofdiscretion, he cannot execute it unless he is competent to contract.No one bound to accept trust. marginal heading. No one is bound to accept a trust.Acceptance of trust. marginal heading. A trust is accepted by any words or actsof the trustee indicating with reasonable certainty such acceptance.Disclaimer of trust. marginal heading. Instead of accepting a trust, the intendedtrustee may, within areasonable period, disclaim it, and such disclaimer shall prevent thetrust-property from vesting in him. A disclaimer by one of two or more co-trustees vests the trust-property in the other or others, and makes him or them sole trustee ortrustees from the date of the creation of the trust. Illustrations (a) A bequeaths certain property to B and C, his executors, astrustees for D. B and C prove A's will. This is in itself anacceptance of the trust, and B and C hold the property in trust for D. (b) A transfers certain property to B in trust to sell it and topay out of the proceeds A's debts. B accepts the trust and sells theproperty. So far as regards B, a trust of the proceeds is created forA's creditors.----------------------------------------------------------------------1 See s. 11 of the Indian Contract Act, 1872 (9 of 1872).23 (c) A bequeaths a lakh of rupees to B upon certain trusts andappoints him his executor. B severs the lakh from the general assetsand appropriates it to the specific purpose. This is an acceptance ofthe trust.
Read All Comments
