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Regulatory Challenges The Notion Of Fiduciary In The New Civil Code

Author

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  • Camelia IGNÃTESCU

    (Associate Professor PhD, ,,Stefan cel Mare” University from Suceava, Romania)

Abstract

Fiducia is the introduction into Romanian law of trust institution, legal institution that has numerous applications and is extremely versatile. We refer here to the legal instruments offered to both individuals and legal entities to manage their financial resources, movable and immovable property through third parties, under strictly prescribed law, consisting in: the trust account, fiducial estate administration, fiduciary guarantee and fiducial mortgage. The fiduciary contract entails a temporary transfer of property that is performed when the trust's initial complex operation, leading to the establishment of the Heritage Trust; the other party to the contract - the trustee - has a contractual obligation to act towards an clearly established end, and once achieved this goal, he will either return the goods transferred settlor or send them to a third party.

Suggested Citation

  • Camelia IGNÃTESCU, 2015. "Regulatory Challenges The Notion Of Fiduciary In The New Civil Code," European Journal of Law and Public Administration, Editura LUMEN, vol. 2(1), pages 25-31, July.
    • Handle: RePEc:lum:ejlpa1:v:2:y:2015:i:1:p:25-31
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    More about this item

    Keywords

    contract; fiduciary; settlor; trustee; beneficiary.;
    All these keywords.

    JEL classification:

    • K1 - Law and Economics - - Basic Areas of Law
    • K3 - Law and Economics - - Other Substantive Areas of Law

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