This Law provides rules for the recognition and operation of trusts. A trust exists where a person holds or has vested in the person or is deemed to hold or have vested in the person property (of which the person is not the owner in the person’s own right): (a) for the benefit of any person (known as a beneficiary) whether or not yet ascertained or in existence; (b) for any purpose which is not for the benefit only of the trustee. The Law defines rights and obligations of trustees and defines liability for the breach of trust by a trustee.
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