Trust Act of 1994.

This Act: (A) provides for the creation of trusts, powers and functions of trusts, the registration of trusts and the appointment of trustees by court, etc.; (B) and contains provisions regarding the validity of a trust: and (C) defines which property may be placed in trust. A trust exists where a person holds or has vested in him or her property of which he or her is not the owner in his own right: (a) for the benefit of any person whether or not yet ascertained or in existence; or (b) for any purpose which is not for the benefit only of the trustee. Restrictions are placed on the trusts of land held in accordance with customary and traditional laws regarding ownership of land in the Marshall Islands.