Section 3:
Interpretation-clause.
A "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:
"author of the trust": "trustee": "beneficiary": "trust-property": "beneficial interest":
"instrument of trust":-- "the person who reposes or declares the confidence is called the "author of the
trust": the person who accepts the confidence is called the trustee: the person for whose benefit the
confidence is accepted is called the "beneficiary": the subject-matter of the trust is called "trust-property"
or "trust-money": the "beneficial interest" or "interest" of the beneficiary is his right against the trustee
as owner of the trust-property; and the instrument, if any, by which the trust is declared is called the
"instrument of trust":
"breach of trust":-- "a breach of any duty imposed on a trustee, as such, by any law for the time
being in force, is called a "breach of trust":
"registered" :"and in this Act, unless there be something repugnant in the subject or context,
registered" means registered under the law for the registration of documents for the time being in force:
"notice": "a person is said to have notice of a fact either when he actually knows that fact or
when, but for wilful abstention from inquiry or gross negligence, he would have known it, or when
information of the fact is given to or obtained by his agent, under the circumstances mentioned in the
Indian Contract Act, 1872 (9 of 1872), section 229;
Expressions defined in Act 9 of 1872:--and all expressions used herein and defined in the Indian
Contract Act, 1872 (9 of 1872), shall be deemed to have the meanings respectively attributed to them by
that Act.