Law Commons^™

On Trust And Transubstantiation: Mitigating The Excesses Of Ownership, Avihay Dorfman

Avihay Dorfman

The legal institution of trust gives rise to two basic sets of question. The first set concerns the respective rights held by the trustee and the beneficiary with respect to the trust property — do these rights feature a structure characteristic of property, contract, or something in between. The second concerns the normative relationship between the trustee and the beneficiary themselves — what explains the existence and content of the obligations owed by the trustee to the beneficiary, especially the fiduciary duty of loyalty, according to which the trustee is expected to act in the sole, rather than merely the …