On March 15, 2014, the Hungarian Parliament enacted into law the New Hungarian Civil Code (NHCC). The NHCC creates out of whole cloth a civil law fiduciary asset-management vehicle (FAM) that in form and function bears some resemblance to the Anglo-American trust. But is an FAM a true trust, or is it merely a contract variant? Prof. Charles E Rounds, Jr. and István Illés, Esq. in a law review article conclude the latter. Their article is reproduced in its entirety below.