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Trusts and Patrimonies$
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Remus Valsan

Print publication date: 2015

Print ISBN-13: 9780748697748

Published to Edinburgh Scholarship Online: September 2017

DOI: 10.3366/edinburgh/9780748697748.001.0001

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PRINTED FROM EDINBURGH SCHOLARSHIP ONLINE (www.edinburgh.universitypressscholarship.com). (c) Copyright Edinburgh University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in ESO for personal use.date: 28 September 2021

Trust and Patrimony

Trust and Patrimony

Chapter:
(p.42) 3 Trust and Patrimony*
Source:
Trusts and Patrimonies
Author(s):

Lionel D Smith

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9780748697748.003.0003

This chapter examines whether the common law trust can be understood as a patrimony in the civilian sense. It begins with a discussion of Pierre Lepaulle's claim that the common law trust is a patrimony affected to a destination or purpose. It then considers the situation of creditors and beneficiaries in a common law trust before advancing the argument that, contrary to the position taken by Lepaulle, the common law trust is not a patrimony. It contends that only trustees have direct access to the trust assets; trust creditors, and even beneficiaries, do not. It also asserts that the essence of the common law trust lies not in any division of ownership of the trust property, but in the fact that the trust beneficiaries hold rights in the rights that the trustee holds as trust property. The chapter concludes by relating the trust institution to the idea of legal personality.

Keywords:   common law trust, patrimony, Pierre Lepaulle, trustees, trust assets, trust creditors, trust beneficiaries, trust property, legal personality, trust

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