427. Property held on trust.

(iii)     Trust Property

427.     Property held on trust.

The property comprised in the bankrupt's estate does not include property held by the bankrupt on trust for any other person1. The reason for this exclusion is that property held by a bankrupt on trust for another person is not the beneficial interest of the bankrupt, and is not, therefore, property which, according to the general principles of bankruptcy law, could be divisible among the bankrupt's creditors2. When a bankrupt holds property on trust for other persons and has no beneficial interest in it himself, he has only a legal