Act No. 2007-211 of 19 February 2007 establishing the trust is published in the Official Gazette of February 21, 2007 [on the site Légifrance] ...
The trust means a transfer of property subject to customary conditions or duration. This notion is mainly in English law as the trust or in German law (THA).
In France, the trust has been introduced in the Civil Code articles 2011 and following the law of February 19, 2007 after a bill proposed by Senator Philippe Marini.
Definition "operation whereby one or more components transfer property, rights or sureties, or set of assets, rights or sureties, present or future, to one or more trustees, holding them apart from their own patrimony, act for a specific purpose for the benefit of one or more beneficiaries. "
The trust, in French civil law, can be used as a management tool or as security, but its use is tightly controlled:
- only corporations subject to corporation tax may be forming (art 2014 of Civil Code)
- and only credit institutions can be trustees.
- It can not be used at the end of the liberality of the Civil Code Article 2013 provides "the trust agreement is void if it makes a donative intent to the beneficiary." Besides the absolute nullity (civil penalty) the trust incurs heavy-liberal tax penalties (Articles 792a and 1792 of the Tax Code).
Interesting articles for more information about the trust. www.universalis.fr/encyclopedie/T230866/FIDUCIE.htm - 52k
www.lesechos.fr/patrimoine/banque/300141413.htm
This link takes you to the law passed with all sections of code on the trust
www.lexinter.net/lois4/loi_du_19_fevrier_2007_instituant_la_fiducie.htm - 60k -
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