PRACTICAL ASPECTS REGARDING FIDUCIARY OPERATIONS

Bazil Oglinda ()
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Bazil Oglinda: Romanian American University of Bucharest, Lawyer in Bucharest Bar Association, Oglinda&Partners

Perspectives of Law and Public Administration, 2016, vol. 5, issue 1, 220-227

Abstract: The trusts have been frequently used in the countries which function under the Anglo-Saxon law system, but it most certainly represents an innovation in the new Romanian legislation. For this reason, in this paper, we tried to highlight the main differences between the trust regulated in the Romanian Civil code and its corespondent in other legal systems. Observing that the trust in an institution that is mainly theoretical, and the reluctance of practicioners in using it, we tried to analyze the trust, regarding its practical side. In this paper, we will take into consideration the following aspects: the rights that the trustee acquires after establishing the trust, that will be explained through the new regulations regarding the division of assets, the quality of the parties and the limits in which the trustee may be held liable. Other important aspects are: the means that the new regulations provide in order to protect the interests of the creditors and at the same time, the fiduciary assets; the formalities which the law requires and the means of termination of the contract. In the end, in order to identify alternative solutions, we will compare the trust (regulated in the Civil code) with the management of assets that belong to a third party.

Keywords: fiducia; fiduciary mass of assets; settlor; trustee; beneficiary. (search for similar items in EconPapers)
JEL-codes: K11 K12 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:sja:journl:v:5:y:2016:i:1:p:220-227

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