Is a Hungarian trust a clone of the Anglo-American trust, or just a type of contract?: Parsing the asset-management provisions of the New Hungarian Civil Code.

Charles E. Rounds, Jr.
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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.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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