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Practical Aspects Regarding Fiduciary Operations

Author

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  • Bazil Oglinda

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

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.

Suggested Citation

  • Bazil Oglinda, 2016. "Practical Aspects Regarding Fiduciary Operations," Perspectives of Law and Public Administration, Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences), vol. 5(1), pages 220-227, November.
    • Handle: RePEc:sja:journl:v:5:y:2016:i:1:p:220-227
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    More about this item

    Keywords

    fiducia; fiduciary mass of assets; settlor; trustee; beneficiary.;
    All these keywords.

    JEL classification:

    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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