Property which may be held on Trust

(1) Any property may be held by or vested in a trustee upon (2) A trustee may accept from any person property to be held (3) A trustee shall not be bound to accept property to be held on trust, but where a trustee accepts property subject to the performance of an obligation, the trustee shall be deemed to have given to the obligee for good consideration an undertaking to perform that obligation. (4) Where a settlor declares a trust respecting property he does not own at the time of the declaration, then– (a) the trust is incompletely constituted at the time of the declaration and no rights or duties arise thereunder; but (b) if the settlor subsequently receives property which was the intended subject matter of the declaration of trust, the Court shall at the instance of the beneficiary or the trustee, and whether the has given consideration for the declaration of trust or not, compel the settlor to transfer that property to the trustee or to hold that property on the terms of the trust. 14