Trust

In its legal sense, "a trust" is the relationship, which arises wherever a person called the trustee is compelled in equity to hold property, whether real or personal, and whether by legal or equitable title, for the benefit of some persons (of whom he may be one and who are termed cestuis que trust) or for some object permitted by law, in such a way that the real benefit of the property accrues, not to the trustee but, to the beneficiaries or other object of the trust – Professor Keeton in Law of Trust, 9th Ed.
To this end, there are Express Trusts, Implied or Resulting Trusts and Constructive Trusts. Express Trusts arise when the owner declares himself a trustee of the property for the benefit of another person or vests property in another person as trustee for the benefit of another person. Implied or Resulting Trust arise from the presumed intention of the owner, and the presumed intention arises by operation of law not by agreement of parties
Constructive Trusts are trusts imposed by equity regardless of the intention of the owner of the property, where it will be unconscionable for the "apparent beneficial owner" or trustee to hold the property for his benefit- seeEquity and Trust in Nigeria 2nd Ed. by J. O. Fabunmi. We are concerned with implied or resulting trusts, which may arise in the following circumstances –
(i) Where an express trusts fails
(ii) Where the beneficial interest under an express trust is not fully disposed of or exhausted.
(iii) Where there is a purchase in the name of another or where a person makes a voluntary conveyance of his property to another.

Trust involves three elements, namely:-
1. A trustee, who holds the trust property and is subject to equitable duties to deal with it for the benefit of another.
2. A beneficiary to whom the trustee owes equitable duties to deal with the trust property for his benefit.
3 Trust property, which is held by the trustee for the beneficiary. See Black's Law Dictionary, Page 1513.