Dictionary

  • Trust

    An arrangement , developed and enforceable in equity, for the holding and management of property by one party for the benefit of another or for some specific purpose. The essence of the trust is the splitting of ownership into a legal and an equitable component. Thus, in an express private trust, the trustee has legal title to the property he or she is bound to safeguard or actively to exploit on behalf of another, or others, who have the equitable or beneficial ownership of the property.

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