TRUST | SOCIETY REGISTRATION
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The following are the pre-requisites for the creation of a private Trust.
For valid constitution of a Trust, the author must indicate with reasonable certainty:
Similar to private trusts, public trusts may be created either inter vivos or by will.
Book entries for Trust formation can be of two types, which we'll explain in brief:
Entries made by the Donor in his own Books
The basic requisite to make a declaration of trust valid is that the donor should have absolutely parted with that interest which was owned by him at the time of the declaration. If there is no setting apart of ascertained property and no disinvestment on the part of the settlor of the ownership thereof, mere book-entry cannot result in an effective trust.
Entries made on Debtors Books
If a credit entry is made in the books of the debtor in favor of a trustee displaying an interest in the creation of a trust rather than in the books of a donor, such an entry would amount to a specific appropriation for the trust.
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