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There is a trust when:
One part, called settlors, conveys or agrees to transfer the ownership over certain assets to another person named trustee, who is obliged to exercise for the benefit of another call beneficiary, which is designated in the agreement, and to transfer them upon the expiration of a specified term or the occurrence of a condition to the trustee. |
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• Trusts agreements are regulated and widely spread in most Latin American countries: Mexico, Colombia, Venezuela, Panama, Costa Rica, Honduras, Ecuador, Cuba, Chile, El Salvador, Guatemala, Paraguay, Peru, Uruguay and also in the Province of Quebec (Canada). Argentine law adopted this institution by means of Law No. 24.441 (1995).
• Although the Argentine Trust is not an exact counterpart of the British Trust, both institutions share significant characteristics, mainly as far as the protection of the assets is concerned.
• Trust agreements in Latin America are prestigious business tools among foreign investors who are familiar with them. |
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