An arrangement whereby ownership of property (including receivables) is held strictly by one person for the benefit of another person. In order to create a valid trust there must be three certainties:
- Certainty of objects - the words used to create the trust must be clear
- Certainty of subject matter - the trust property must be clearly defined or capable of ascertainment
- Certainty of objects - the beneficiaries of the trust must be clearly defined or capable of ascertainment.