The Hungarian Trust: An Examination of its Features

By Kristóf  Ulmann Kristóf Ulmann

A trust is a legal instrument whereby the settlor transfers trust assets to the trustee, who is then bound to manage the trust assets for the benefit of the beneficiaries.
Under an Anglo-Saxon type of trust, including a trust established under the jurisdiction of one of the states of the US, the trustee holds the legal title (legal ownership) over the trust assets, appearing as the owner to the outside world, while the beneficiary named in the trust deed holds the beneficial title (equitable ownership) over the trust assets. Beneficial ownership entails limited rights for the beneficiary, and compels the trustee to hold the trust assets exclusively for the benefit of the beneficiary.

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