THE CONCEPT OF THE TRUST IN ROMANIAN LAW

Luminita Tuleaşcă

Romanian Economic Business Review, 2011, vol. 6, issue 2, 150-160

Abstract: The trust, a unique institution, specific for the English-Saxon legal system - common-law- has been constantly rejected by the European continental legal systems (civil law).As a trend imposed by the requirements for strengthening the Single European Market, the well known segregation of the law in common law and continental civil law, has been diminished in time thus, during the last decade, the transformations occurred in the two legal systems, in the context of Europeanization and globalisation of businesses and implicitly of law, have managed to lead to the expected mixture, modification and acceptance of ideas, theories and fundamental legal institutions of these legal systems.By the New Civil Code, the Trust is also regulated in Romania under the name of “Fiducie”, and it shall be further used and developed in both the relations between the individuals as well as in the business environment. This paper, first of this series, intends to analyze the meaning of Trust in the light of the Romanian law, but also from the view of its traditional meanings as established in England and the United States of America and, last but not least, from the perspective of the regulatory trends in this direction, existing at the level of the European Union.

Keywords: Trust; Fiducia; Internal Market; New Romanian Civil Code; Common Law; Civil Law; Equity (search for similar items in EconPapers)
Date: 2011
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