Trust Registration
A trust is based on the fiduciary relationship between two parties. One is the Trustor, and the other is the Trustee. The Trustee receives the right to hold property or title for the benefit of a third party.
As per section 3 of the Indian Trusts Act 1880, the definition of a trust is as follows:
Trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner.
Kinds of Trust
There are two types of trust:
- Private Trust
- Public Trust
The Private Trusts are regulated as per the Indian trusts Act 1882. Public trusts are governed by the Charitable and Religious Trust Act, 1920, the Religious Endowments Act 1863, the Charitable Endowments Act 1890, the Bombay Public Trust Act, 1950.
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