Define the following terms: (i) Trust and Bailment

Trust According to Section 3 of the Indian Trust Act 1882, a Trust is an obligation annexed to the ownership of property and arising out of confidence reposed in and Accepted by the owner or declared and accepted by him, For the benefit of another or of another and the owner. The person who declares the confidence is called the author, the person who accepts the confidence is allced the trustee and the person(s) for whose benefit the confidence is accepted is called the beneficiary (ies). Bailment: The definition of Bailment is given in Section 148 of the Indian Contract Act, 1872. Bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the bailor and the person receiving the goods is called the bailee. The following is the difference between a trust and a bailment. A trustee becomes the full owner of trust property. A bailee acquires special property only. The obligation of the bailee is legal, whereas that of a trustee is equitable. A bailment may be created for movable property only. A trust may be created for both movable and immovable properties.