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General Considerations on the Institution of Fiducia

Keywords: fiducia , fiduciary patrimonial mass , the founder , the fiduciary , the beneficiary

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Abstract:

Of Roman origins, fiducia was under the form of a pact (the fiduciary pact) secondary to atemporary transfer of property, by which a natural person preserved the property to the benefit of thetestator under a resolutory condition and during all the life of the testator; after the death of the testatorthe properties should be transferred either to the direct descendant, or to other person authorized by thetestator by legacy. The contemporary fiducia in the continental civil law has its origins in the Englishright in the specific institution in the common law of the trust, which designates the judicial rapportcreated by acts between the living or for a death cause from a person named founder who transfers two ormore goods under the control of an administrator to the benefit of a person or for a given purpose. TheRegulation in The New Civil Code Part III, Title IV, articles 773-791, followed the pattern of the FrenchLaw no. 2007-211 in 19th February 2007 which introduced in the French civil code, the Title XIV “Onfiducia”. The Romanian legislator took in an adapted form the provisions of the French normative actoperating some important changes or additions.

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