Amendments concerning the Hungarian Legal Regulation of the Fiduciary Asset Management (Trust)

Abstract

The institution of fiduciary asset management (trust) has been introduced into the Hungarian civil law by the Civil Code of 2013. The Hungarian regulation may be considered as a high standard – even in the international context. Its main advantage is its adaptability. However, after the entry into force of the Civil Code, many questions were addressed during the application that the legislature had to answer. The amendments of 2017 were adopted to strengthen the protective function of the fiduciary asset management regarding the trust property but on the other hand, the relationship between this new legal institution and the law of succession has also needed to be clarified. The purpose of the legislation through the amendments was clearly to facilitate an operable asset management construction that attracts Hungarian and foreign settlors as well.