When a party in whose name has placed a trust in the name of a person who is not a beneficiary of the trust, does he have to perform the obligations devolving upon him?

However, an entirely different situation arises when the party in whose name the property has been placed at all [214 Cal.App.2d 166] times acknowledges the obligations of the trust, performs the duties devolving upon him and holds the property for the benefit of the party advancing the money, during the balance of his life. In Owings v. Laugharn, 53 Cal.App.2d 789, 793, 128 P.2d 114, 116, which involved an identical situation, the court said,