THE TRUST UNDER THE NEW CIVIL CODE

The trust has been regulated for the first time in Romanian law, by Title IV of Book III “About assets” of the new Civil Code. Article 31 paragraph 3 NCC provides that affectation heritages are the fiduciary patrimonies constituted according to provisions of Title IV of Book III, those affected to the practice of an authorized profession, as well as other heritages determined by law. Article 773 defines the trust as the legal operation whereby one or more settlors transfer real rights, claim rights, guarantees or other property rights or a set of such rights, present or future, to one or more trustees who exercise them with a specific purpose for the benefit of one or more beneficiaries. These rights form an autonomous patrimonial fund and are distinct from other rights and obligations from the patrimony of the trustees.