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Issue:

Business

 

Written by:

Jonathan J

 

Date added:

January 19, 2017

 

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Grade:

B

 

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3 / 629

 

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Though the trust concept has been more often than not been described throughout the centuries, a precise definition of trust has not been entirely successful. According to LEWIN, the word “trust” refers to the duty or aggregate accumulating of obligations that rest upon a person described as a trustee...
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The responsibilities are in relation to property held by him or under his control. That property he will be compelled by a court in its equitable jurisdiction to administer in the manner lawfully prescribed by the trust instrument or where there be no specific provision written or oral, or to the extent that such provision is invalid or lacking, in accordance with equitable principles...
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