Important Legal Principles regarding Trusts for the Purpose of Personal Property Management in England
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Abstract
On 10th July, 2018, the cabinet approved a draft bill on trusts for the purpose of private assets management. The bill will be the second piece of legislation on trusts since the coming into force of section 1686 of the Civil and Commercial Code, which negates any legal effect of the establishment of a trust, directly or indirectly, by will or any other juristic act committed during the lifetime of the settlor or after his death, except by a specific law enacted for the purpose of allowing the creation of trusts. The first piece of legislation, the Trust for Transactions in the Capital Market Act B.E. 2550, introduced trusts as an investment tool to increase the efficacy of the fund raising process in the capital market. On the contrary, the remit of the new bill will be the management of private property, and will be different from the Act in various aspects. The content of the bill reflects a legal borrowing of the English trust law concepts. Accordingly, the article aims to discuss and explain fundamental principles of English trust laws relevant to the management of personal property, with the hope that it will be useful for the future development of trust law in Thailand.
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