FIDUCIA IN THE NEW ROMANIAN CIVIL CODE
FIDUCIA IN THE NEW ROMANIAN CIVIL CODE

Summary/Abstract: Fiducia is a new institution that originates from the institution of trust, specific to equity law, introduced in the Romanian law system, by the New Civil Code in 2011. The New Romanian Civil Code defines fiducia as a legal operation, by which one or more constitutors transfer real rights, accounts receivable, or other patrimonial rights, or a group of such rights, future and present, to one or more fiduciaries that exercise them with a specific purpose, in the benefit of one or more beneficiaries. These rights create an autonomous patrimony, distinct from other rights and obligations that the fiduciaries have. The provisions of the New Civil Code regarding fiducia are very similar to the ones of other European civil codes and also present some similarities with the ones of the Civil Code of Quebec. An important aspect of this complex operation is that the fiduciary is considered a real owner of the goods that are the object of the fiduciary contract and in this quality he can exercise all the rights that the proprietor would have. However the duration of the transfer cannot exceed 33 years, after which the patrimonial mass is transferred to the beneficiary, or if the beneficiary is absent, it returns to the constitutor. Also, in matters regarding the administration of the fiduciary patrimony, whenever there is no special regulation, general rules of administration will be applied.

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