Trust

A right of property, real or personal, held by one party for the benefit of another. The party holding is called the "trustee," and the party for whose benefit the right is held is called the cestui que trust, or, using a better term, the "beneficiary." Sometimes the equitable title of the beneficiary, sometimes the obligation of the trustee, and, again, the right held, is called the "trust." But the right of the beneficiary is in the trust, the obligation of the trustee results from the trust, and the right held is the subject matter of the trust. Neither of them is the trust itself. All together they constitute the trust. An equitable right, title, or interest in property, real or personal, distinct from its legal ownership. A personal obligation for paying, delivering, or performing anything where the person trusting has no real right or security, for by that act he confides altogether to the faithfulness of those intrusted. An obligation upon a person, arising out of a confidence reposed in him, to apply property faithfully and according to such confidence.

Willis, Trust, 1; 4 Kent, Comm. 295; 2 Fonbl. Eq. 1; 1 Saunders, Uses, 6; Cooper, Eq. Pl. Introd. 27; 3 Bl. Comm. 431.

The Roman fidei commissa were, under the name of "uses," first introduced by the clergy into England in the reign of Richard II. or Edward III., and, while perseveringly prohibited by the clergy, and wholly discountenanced by the courts of common law, they grew into public favor, and gradually developed into something like a regular branch of law, as the court of chancery, that, was without adequate protection; but the statute of uses, passed in 27 Henry VIII., gave great impetus to the system.