An agreement under which one person transfers title to specific property to another who agrees to hold or manage it for the benefit of a third person. This is its most general meaning, and includes deposits, bailments, and the like. In its more technical sense, it may be defined to be an obligation upon a person, arising out of a confidence reposed in him, to apply property faithfully, and according to such confidence. Trusts were probably derived from the civil law. The fidei commissum, is not dissimilar to a trust.
Trusts are either express or implied.
Express trusts are those which are created in express terms in the deed, writing or will. The terms to create an express trust will be sufficient, if it can be fairly collected upon the face of the instrument that a trust was intended. The most common form of an implied trust is where property or money is delivered by one person to another, to be by the latter delivered to a third person. When land is purchased by one man in the name of another, and the former pays the consideration money, the land will in general be held by the grantee in Trust for the person who so paid the consideration money. When real property is purchased out of partnership funds, and the title is taken in the name of one of the partners, he will hold it in trust for all the partners.