Another major advantage found in the trust mechanism is the accounting treatment is devoted particularly in the context of a trust - management and clearly allows separation of the assets of the settler and the trustee. And Opinion No. 2008-03 on the accounting treatment of trust dated February 7, 2008 the CNC (National Committee of Creditors), clarifies the accounting operations of trust in the individual accounts of the parties to the trust agreement.
Law No. 2007-211 of 19 February 2007 on the trust in its article 12 provides that transactions affecting the trust estate are subject to an independent accounting in the trustee. The transfer of assets and liabilities subject of the trust to the grantor's estate wealth allocation of trustee, will be clean and separate accounting of own heritage trust accounting. The Trustee determines in accordance with the conditions of Articles L 123-12 protruding and L 123-15 of the Commercial Code, the financial statements, including a balance sheet, income statement and an annex, under the Trust and is therefore separated and separate from its own accounts and balance sheets.
Also thanks to this separation of assets, personal creditors of the settler cannot seize property found in the heritage in trust because the trust estate is excluded from the general lien creditors of the settler personal
[...] Moreover, another advantage of the trust is in the possibility of making a clause lane decked on debtor's principal residence. Unlike mortgage whose implementation cannot relate to a building that is the debtor's principal residence, the realization Trust - security has the advantage of being able to wear even on a property that is the debtor's principal residence. In the event of insolvency proceedings in favor of the grantor, it was feared a possible rescue companies, and the order of 18 December 2008 came to reconcile effectiveness of security trust and objectives of backup and recovery. [...]
[...] Trust opens new perspectives in law. While a financing tool, it is also suitable for real property management and can be used as security. It is an innovative mechanism serving insurance companies, lawyers, banks, this new instrument is deployed primarily in relations between professionals (especially in the context of significant transactions with banking syndicate). Through the Law of 4 August 2008, restrictions were lifted on the quality of the parties to the trust; the trust is not, as originally reserved only for legal entities subject to corporate income tax and extended to the component having a natural person. [...]
[...] In any event, the Trustee shall be held to accountability. The parties are free to set a date for the accountability component by the trustee on the basis of Article 2022 of the Civil Code. The LME has nevertheless mitigated this freedom by imposing guardianship if the Trustee realizes at least once a year on his mission to tutor Finally, the Trustee will transfer the responsibility of the recipient of the trust assets at the end of the contract, the assets themselves, or if they are interchangeable or if they endanger the proceeds of their sale. [...]
[...] It may be noted nonetheless it starts developing in a discrete private banks such as BNP or Rothschild Private Banking and Company. Beyond French borders, it is important to reflect on the trust in a European context. The Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition has been signed and ratified by several European countries (Luxembourg, Belgium, Switzerland, Great Britain, and Germany). France has also signed the Convention; it would be interesting for the country to ratify it. [...]
[...] By order of 30 January 2009, the Trust book was better shaped. Without even waiting for future reforms, the security trust is a real versatile and more effective than any other lien security: it can be concluded without dispossession and stipulated rechargeable, it can encumber any property, tangible or not, this or future, even without the possibility for component encumber other encumbrance on the same property, and it will restore the original purpose of collateral, namely the payment of creditors. [...]
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