The contract of property trust

After adoption of the new Civil Code of the Republic of Lithuania (CC RL), the property trust right, which had been established already in the old CC RL, was stipulated in detail by introducing the new legal institute – the contract on property trust. Introduction of this institute into the legal system of Lithuania was determined by development of private property, changes in economic relations and practices of foreign countries. The property trust institute developed already in the 11th - 13th centuries in England, was evolving in a long run and later adopted by numerous countries of the world. Upon the onset of the property trust right, it was widely used in proprietal relations but in the course of time the scope of application of property trust has expanded, and it was introduced also to commercial relations. From the very enforcement of the contract on property trust in the CC RL, this institute was not analysed by Lithuanian authors, and no practice on this issue exist up to this date, therefore it is very important to analyse the regulation of contract on property trust in Lithuania, its benefits and advantages. The following main issues are analysed in the work: 1) Origins and development of the property trust right: reasons for origination of the property trust institute, its development and scope of application; 2) Concept of property trust law according to the CC RL: by disclosing the contents of contract on property trust and comparing it to the contents of property right, reasons for property transfer by the right of trust are analysed; 3) Analysis of origination of the property trust contract: clarification of origination of relations under the property trust contract, analysis of relation between the property trust contract and other similar contracts, and the problem between the relation of the property trust contract and administration is approached; 4) Peculiarities of property trust contract regulation, and problematic aspects of regulation: analysis of property trust contract regulation is provided, problem issues are solved, and possible solutions are proposed. In this work, regulation of the Lithuanian property trust contract is analysed by comparing it with regulation of this institute in Russia and in England. On the basis of work analysis, conclusions and recommendations for the improvement of the Lithuanian property trust contract are provided in the end of the work