110. Distinction between charge and trust.

110.     Distinction between charge and trust.

A charge is created by the appropriation of specific property to the discharge of some debt or other obligation without there having been any change in ownership either at law or in equity1. It confers on the chargee the right to apply to the court for an order for sale or the appointment of a receiver, but no right to forfeiture or possession2. This is to be distinguished from the outright disposition of a beneficial interest in property by way of trust: the beneficiary under a trust is entitled