LAND LAW — Trust — Definition and Essential Elements — Certainty of Subject Matter
Ratio Decidendi
Per Fabiyi, JSC, in Ibekwe v. Nwosu (2011) NLC-123-108-2006(SC) at p. 3; Paras D—E:
"Trust, simpliciter, is the right enforceable solely in equity to the beneficial enjoyment of property to which another person holds the legal title. It is a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). For a trust to be valid, it must involve specific property. Certainty of subject matter is an important element in trust. It should reflect the settlor's intent and be created for a lawful purpose."
Explanation / Scope
This principle defines a trust as the equitable right to beneficial enjoyment of property held by another, requiring certainty of subject matter, settlor’s intent, and a lawful purpose. The principle applies where a trust is alleged. It ensures that trusts are validly created. The principle reflects the essential elements of a trust. It prevents uncertain trusts. The court must require certainty of subject matter. The principle provides guidance on trusts.