Is a Hungarian trust a clone of the Anglo-American trust, or just a type of contract?: Parsing the asset-management provisions of the New Hungarian Civil Code.

Is a Hungarian trust a clone of the Anglo-American trust, or just a type of contract?: Parsing the asset-management provisions of the New Hungarian Civil Code.

Article posted in International on 22 September 2015| comments
audience: National Publication, Charles E. Rounds Jr, Fiduciary Consultant | last updated: 23 September 2015
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Summary

Charles Rounds takes a new direction, exploring the Hungarian Fiduciary Asset Management Trust. Charles' breadth of knowledge never ceases to amaze.

On March 15, 2014, the Hungarian Parliament enacted into law the New Hungarian Civil Code (NHCC). The NHCC creates out of whole cloth a civil law fiduciary asset-management vehicle (FAM) that in form and function bears some resemblance to the Anglo-American trust. But is an FAM a true trust, or is it merely a contract variant? Prof. Charles E Rounds, Jr. and István Illés, Esq. in a law review article conclude the latter. Their article is reproduced in its entirety below.

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