Revocation of trust

Revocation of trust.—A trust created by will may be revoked at the pleasure of the testator. A trust created otherwise than by will can be revoked only—

1. (a) where all the beneficiaries are in existence and competent to contract—by their consent;
2. (b) where the trust has been declared by non-testamentary instrument or by word of mouth—in exercise of a power of revocation expressly reserved to the author of the trust;
3. (c) where the trust is for the payment of the debts of the author of the trust, and has not been communicated to the creditors—at the pleasure of the author of the trust.