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The Trusts Act, 1882

( ACT NO. II OF 1882 )

Chapter II

OF THE CREATION OF TRUSTS

Disclaimer of trust
Instead of accepting a trust, the intended trustee may, within a reasonable period, disclaim it, and such disclaimer shall prevent the trust-property from vesting in him.
 
 
 
 
A disclaimer by one of two or more co-trustees vests the trust-property in the other or others, and makes him or them sole trustee or trustees from the date of the creation of the trust.
 
 
 
 
Illustrations
 
 
 
 
(a) A bequeaths certain property to B and C, his executors, as trustees for D. B and C prove A's will. This is in itself an acceptance of the trust, and B and C hold the property in trust for D.
 
 
 
 
(b) A transfers certain property to B in trust to sell it and to pay out of the proceeds A's debts. B accepts the trust and sells the property. So far as regards B, a trust of the proceeds is created for A's creditors.
 
 
 
 
(c) A bequeaths a lakh of Taka to B upon certain trusts and appoints him his executor. B severs the lakh from the general assets and appropriates it to the specific purpose. This is an acceptance of the trust.
 
 

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Ministry of Law, Justice and Parliamentary Affairs