TMI Blog1933 (10) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... interest of Gulbai arose under a will dated March 27, 1899, of Ardeshir Maneckji Kaka who died on June 18, 1899. By Clause 6 of his will he gave eighty-five shares of the Bank of Bombay upon trust to his trustees with directions that they should either retain the shares or sell them and invest the proceeds and stand possessed of the shares or the proceeds of sale upon certain trusts during the lifetime of a daughter named Aimai and after her death or the marriage of certain other daughters he directed that his trustees should appropriate and set apart seventeen shares out of the said shares of the Bank of Bombay or the investments representing the proceeds to each of his five children, one of whom was named Baiai, and should pay the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the interest created under Gulbai's will, to which I will refer in a moment, amounted to the declaration of a trust of a merely beneficial interest under a subsisting trust, and was therefore void. Beneficial, interest in the Indian Trusts Act is defined by Section 3 as the right of the beneficiary against the trustee as owner of the trust property; so that where property is vested in a trustee upon trust for A or upon trust for A for life with remainder to B, it would seem that the beneficiary under Indian law has only a right to proceed against the trustee, and by virtue of Section 8 a trust of the beneficial interest, whether it be a life interest, or a reversion, or an absolute interest, cannot be created. What the section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. That, in my opinion, creates a mixed fund consisting of her own property in possession and the property arising under her grandfather's will when it falls into possession. Then she goes on: I give the same to my trustees [which by the definition will include the executors] in trust and with powers mentioned below that is to say, my trustees shall (from time to time) sell and convert into money the moveable and the Immovable property to which I may be entitled at the time of my death (as also) the trust moneys or securities which I am to get and which I may get after the death of my said respected mother. 6. There again, in my opinion, she is not dealing with her present reversion, She is only dealing with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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