Trust as e relationship treated by common law legal systems and as a relationship treated by civil law legal systems. Things in common and comparison between the two systems.

Nertila Sulçe

Abstract


Inheritance relationships are born when the ownership was born and will exist as the property’s right herself. Inheritance is an ancient institution recognized by the Roman law in the Twelve Tables (303 BC) in which the testamentary right was given priority.Roman law had a well-developed concept of the trust (fideicommissum) in terms of "testamentary trusts" created by wills but never developed the concept of the inter vivos (living) trusts which apply while the creator lives. Trusts have existed since Roman times and have become one of the most important innovations in property law. A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a settlor (the person who creates the trust), who transfers some or all of his or her property to a trustee (a person either an individual, a corporation or more than one of either who administers a trust).The trustee holds that property for the trust's beneficiaries (a beneficiary is anyone who receives benefits from any assets the trust owns). Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries.The trust relationship was created by later common law jurisdictions. Trusts play a significant role in most common law systems, and their success has led some civil law jurisdictions to incorporate trusts into their civil codes. In this article we will discuss trust’s treatment as a relationship in the common law system, his characteristics and development. We will analyse the trust’s treatment relationship in the civil law system, the differences and things in common between these two systems.


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DOI: http://dx.doi.org/10.14207/ejsd.2015.v4n3p102

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