10. Who may be trustee.- Every person capable of holding property may be a trustee; but, where the trust involves the exercise of discretion, he cannot execute it unless he is competent to contract. No one bound to accept trust. marginal heading. No one is bound to accept a trust. Acceptance of trust. marginal heading. A trust is accepted by any words or acts of the trustee indicating with reasonable certainty such acceptance. Disclaimer of trust. marginal heading. 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 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.
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.
A bequeaths a lakh of rupees 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. CHAPTER III OF THE DUTIES AND LIABILITIES OF TRUSTEES CHAPTER III OF THE DUTIES AND LIABILITIES OF TRUSTEES