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Extending the Boundaries of Trust and Similar Ring-Fenced Funds

Edited by: David Hayton

ISBN13: 9789041198792
ISBN: 9041198792
Published: July 2002
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: £286.00

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Virtually every jurisdiction is developing private international law rules to deal with trusts and similar ring-fenced structures. With the increasing impact of globalization, business interests throughout the world are intent on maximizing the potential of such structures for raising funds, lowering risks and cutting costs. As a result, numerous complex issues involving the traditional categories of settlor, beneficiary and fiduciary are being radically transformed.

This text offers analyses, by 16 authorities in the field, of a broad range of trust-related issues. The many insights in this book reveal the workings of such issues as: the disappearing divergence between common law and civil law jurisdictions in the matter of trusts; using the segregated fund concept to manage the risk of insolvency; the demise of the ""amateur trustee"" in the charitable trust sector; why loss to the fund supersedes particular losses of beneficiaries; the legal dimensions of hiding ownership by ""giving"" property to trustees; the intervention of public policy in questions of perpetuity; the selective imposition of OECD and FTF transparency initiatives on offshore jurisdictions; and ""policing"" of trustee behaviour by beneficiaries.

Lawyers, bankers and others dealing with investment and business finance should find much information as well as food for thought in this book, as should those involved in the traditional trust industry, whether as trustees or lawyers or fund managers. Most of the essays in this collection were originally prepared for presentation at a conference held in 2001 at King's College London.

Equity and Trusts
D. Hayton. Introductory Overview and Comment
D. Hayton. English Trusts and their Commercial Counterparts in Continental Europe
D. Hayton. Convergence and Divergence: Civil Law and Common Law
D. Waters. The Development of Protected Trust Structures in Italy
M. Lupoi. Ownership-based Fund Management in The Netherlands
H. Verhagen. Civil Law Jurisdictions on their Way to Trusts: A Swiss Viewpoint (with two Appendices)
L. Thevenoz. The Commercial Utility of the Trust Vehicle
S. Worthington. Charitable Trusts: Still Going Strong 400 Years after the Statute of Charitable Uses
J. Warburton. Purpose Trusts and Charitable Trusts in Securitisation and Other Structured Finance Transactions
A. Anderson, P. O'Hagan. Developing the Obligation Characteristic of the Trust
D. Hayton. From Obligation to Property, and Back Again? The Future of the Non-Charitable Purpose Trust
P. Matthews. Reaching for the Sky: Taking Trust Laws to the Limit
D. Waters. Reaching for the Sky -- Or Pie in the Sky: Is U.S. Onshore Trust Reform an Illusion? J. Schoenblum. The American Uniform Trust Code (with Appendix)
D. English. Information Exchange and the Offshore Financial Centres (with Appendix)
R. Hay. Trustee Regulation and Ombudsmen -- The Way Ahead Onshore as well as Offshore? S. Gidley. Trustee Liability: Exclusion Clauses in Pension Fund Trusts
R. Ellison. Impeaching the Exercise of Trustees' Distributive Discretions: "Wrong Grounds" and Procedural Unfairness
R. Davern.