The Luxembourgish “Fiducie” and the Georgian “Trust” (Terminological Peculiarities)

Abstract

The world has been constantly developing throughout the centuries. However, the pace of changes has been almost doubled during the last decades. The process of globalization has comprised the whole world. Its orientation on the tendency of penetration, internationalization and rapid development has changed the contours of different spheres of life. The given paper studies innovative processes of the European legal sphere. It is oriented on the discussion of the formation of the Luxembourgish (capitalistic) “fiducie” and the Georgian (“almost” capitalistic) “?????????? ???????” under the influence of Anglo-American “trust”. The original form of “trust” appeared at the end of the Middle Ages – in the epoch, when the real estate was the principle form of wealth. In the beginning of the 19th century, the given institution emerged in the American business sphere and stipulated the appearance of “trust-like” mechanisms throughout the world. Hence, the implementation of these devices was contradicted by the traditions of continental law-governed countries - the duality of ownership seemed almost unacceptable to the “rigid” European jurisdictions. Despite such circumstances, during the recent decades, the process of globalization has facilitated the popularization of the utilization of the institution of “trust”. Its alternatives appeared in capitalistic and “almost” capitalistic countries in different forms and variations. Development of these variations and their terminological nomination is an urgent issue and the major focus of the given research.

DOI: 10.5901/mjss.2013.v4n11p124