The Powers and Duties of the Fiduciary
The Powers and Duties of the Fiduciary

Author(s): Günay Duagi
Subject(s): Civil Law, Commercial Law
Published by: Societatea de Stiinte Juridice si Administrative
Keywords: fiducia; fiduciary’s powers; fiduciary’s duties; fiduciary; fiduciary agreement; Romanian Civil Code;
Summary/Abstract: Fiducia is undoubtedly one of the most innovative institutions introduced by the New Civil Code and the fiduciary is on its turn the main actor in this institution. An analysis of the fiduciary's powers and duties is essential to perceive correctly the mechanism of the fiduciary relations. The most important power held by the fiduciary is given by the ownership of the fiduciary property. This right is absolute under the law, but it is nevertheless circumscribed to the obligations held by the fiduciary under the fiduciary contract. In addition, among the rights of the fiduciary, we also mention the administration and decision power in relation to the fiduciary assets in favour of the beneficiary. Also, the right to remuneration should not be ignored, especially in view of the fiduciary’s professional position. As regards the obligations of the fiduciary, the most important is the one mentioned in the very definition of fiducia, namely the obligation to manage the fiduciary assets for and in favour of the beneficiary. The fiduciary also is held accountable and must inform both third parties and the parties to the fiduciary contract about the position in which he operates. Both the powers and duties of the fiduciary are "intertwined" to form the "fabric" within which it operates.

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