This section is from the book "Popular Law Library Vol7 Equity Jurisprudence, Trusts, Equity Pleading", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
Chief Justice defined a trust as "a confidence reposed in some other, not issuing out of the land, but as a thing collateral, annexed in privity to the estate of the land and to the person touching the land, for which the cestui que trust has no remedy but by subpoena in chancery." 1
A later definition is as follows: "A trust may be defined as an obligation arising out of a confidence reposed in one who has the legal title conveyed to him, that he will faithfully apply and deal with such property according to the confidence reposed." 2
Story's definition is as follows: "A trust in the most enlarged sense in which that term is used in English jurisprudence may be defined to be an equitable right, title, or interest in property, real or personal, distinct from the legal ownership thereof."3
The essential characteristic of a trust is the separation of the legal title and the beneficial use; in every trust the former must be in one person and the latter in another.
Trusts were originally known as uses, and this latter name is still sometimes used.