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The person who reposes and declares confidence is called the 'author of trust' and the person who accepts the confidence is called the trustee, the person for whose benefit the trust is accepted is called the beneficiary, the subject-matter of trust is called the trust property or trust money, the beneficial interest on the interest of beneficiary is his right against the trustee and the owner of trust property.

64. Thus in case of Trust or under deed of Trust there are three parties namely.--(i) Settlor i.e., Author of trust; (ii) The trustee; and (iii) the beneficiary. In the case of Commissioner of Income-tax, Kanpur v Kamla Town Trust, at page 627, their Lordships of the Supreme Court laid it down:

"Infact the learned Senior Counsel went to the extent of submitting that there are no two parties in an instrument of Trust. It is difficult to agree. Settlor is one party to the trust who settles his property for the benefit of others who become beneficiaries and the legal ownership of the property is transferred to trustees. Thus not only there are more than one party in the instrument of trust, but in fact there would atleast be two main parties namely, the settlor on the one hand and trustees on the other and also there will be beneficiaries who would be indirectly third parties to the instrument though not being direct parties thereto. Thus it would be almost a tripartite transaction".

65. Thus it comes out trust or instrument of trust is tripartite transaction, parties thereto are settlor or author of trust, the trustee, and the beneficiaries and under the transaction legal ownership is transferred by settlor to trustee in which beneficiary have or do get right or interest which right or interest is available against the trustees and the owner of property.

66. In the present case as per Exh. P-1 T.B. Borajjannah and Smt. Kenchamma (defendant 1) are shown as owner settlor; Smt. Kenchamma (defendant 1) is shown and described as the lone beneficiary and the deed and the settlors as full absolute owners of property do convey, assign and transfer the said properties to Smt. Kenchamma (defendant 1) the party on the other part upon trust".

68. The deed does not indicate the second party namely the trustee to whom the property said to have been transferred or in whose favour ownership of property was being transferred by Smt. Kenchamma the settlor. In the deed it is said that settlors convey, assign and transfer the said properties to Kenchamma (defendant 1) the party of other part in trust. It means settlor, transferor and trustee is one and the same person. It is not like that trustees are other persons than owner of the property i.e., settlor. So owner of property and sole trustee if at all are one and same person. It shows really there is no transfer of ownership in property by settlor to other party or person and further beneficiary shown in Exh. P-1 is none else but only settlor herself i.e., Smt. Kenchamma. Thus it reveals that under transaction Exh. P-1 there is no disposition or transfer of ownership in property by owner settlor in favour of other person for the benefit of another person i.e., third party or other person and owner. Exh. P-1 shows that no other person and owner. Exh. P-1 shows that no property or title in property is intended to pass during the lifetime of Smt. Kenchamma, the owner of the property to any one else at present, as such the deed Exh. P-1, even in law makes if at all the deed revokable as will. Thus considered this deed Exh. P-1 when it provided how property will pass after her death could amount to be a will only, not affecting the right, title or interest of Smt. Kenchamma as owner thereof under Exhs. D-31, 32, 33 and 34 on record. She continued to be the full and absolute owner of properties entitled to make transfer thereof by sale, gift or mortgage or lease.