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THE TRUST DEED

Posted on January 21, 2010

The trust deed (« la fiducie ») is defined by the article 2011 to 2031 of the French Civil code (Law n° 2007-211 of February 19th 2007).

The trust deed is the mean for one or many principals (“constituants”) to transfer properties (“biens”), titles (“droits”) and safeties (“sûretés”) to a trustee (“fiduciaire”). Those properties are separated from the trustee’s patrimony, who is acting in a determined manner for some beneficiairies (“bénéficiaire”).

Article 2011 of the French civil code: La fiducie est l’opération par laquelle un ou plusieurs constituants transfèrent des biens, des droits ou des sûretés, ou un ensemble de biens, de droits ou de sûretés, présents ou futurs, à un ou plusieurs fiduciaires qui, les tenant séparés de leur patrimoine propre, agissent dans un but déterminé au profit d’un ou plusieurs bénéficiaires.

The trust deed can be either legal or contractual.

The trustee’s property right (“droit de propriété”) is limited to:

– The use of its right in a determined manner defined by the trust deed; and
– Its right is temporary.

The trust deed can include either buildings (“immeubles”) or movables (“biens meubles”).

Summmary :

I. DEFINITION OF THE TRUST DEED.

II. CONCLUSION OF THE TRUST DEED.

III. TAXATION CONSEQUENCES.

IV. REGISTRATION FEES.

V. VALUE ADDED TAXATION.

VI. LOCAL TAXATION.

VII. THE ENDING OF THE TRUST DEED.

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100121 THE TRUST DEED

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