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COMPARATIVE ANALYSIS OF THE EXPERIENCE OF COMMON LAW STATES IN THE REGULATION AND USE OF TRUSTS: IMPLICATIONS FOR THE REPUBLIC OF MOLDOVA
Virginia ZAHARIA, Assoc. Prof., PhD
Trade Co-operative University of Moldova,
Moldova State University
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Liliana CIBUC, Assoc. Prof., PhD
Trade Co-operative University of Moldova
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Universal Decimal Classification: 34+334.757(7)(478)
JEL Classification: G23, K11, K22, K36, M41, H26
Abstract
The study undertaken by the authors examines the adoption and use of the trust in common law jurisdictions, highlighting both its advantages and the challenges associated with this legal instrument. Drawing on its origins in the English legal tradition, the authors emphasize the trust’s essential role in asset management, protection, and estate planning.
Through a comparative legal analysis, the paper addresses the defining features of the trust, including the separation of legal and equitable title, the fiduciary nature of the trustee’s obligations, and the flexibility of this mechanism in diverse legal and economic contexts. Relevant examples from the legislation and legal practice of the United States, the United Kingdom, Canada, and Australia illustrate the impact of trust structures on asset management and legal relationships.
The authors also consider the situation of the Republic of Moldova, where the trust is not expressly regulated; however, fiducia, regulated by the Civil Code, represents a functionally related legal instrument. The analysis shows that certain elements of the Anglo-Saxon trust may strengthen the legal regime of fiducia,
particularly with regard to asset protection and administrative flexibility.
In conclusion, the authors underline that the trust offers significant advantages, while emphasizing the need for clear and coherent legal and regulatory frameworks to ensure its effective use.
Keywords: trust, law, settlor, common law, beneficiary, system, assets, case law