The Development of "Trust‐like" Mechanisms in Today's Bulgaria, the Czech Republic and Romania

Over recent decades the European legal system has undergone significant changes. Innovative and integrative processes of the globalized world have stipulated the emergence of some juridical and economic formations. This chapter is dedicated to the profound study of one of the most urgent questions of today’s juridical world – the emergence and development of “trust‐like” mechanisms in European countries such as: Bulgaria, the Czech Republic and Romania. It’s a well‐known fact, that after the Soviet era, some post‐Soviet countries have been “enriched” with certain capitalistic institutions. The most prominent of them is the “trust” – a unique creature of Equity. The concept of “trust” originated in English Common law during the Middle Ages. It derived from a system employed in that era known as “use of land” or “uses”. “Trust” considered the transference of the “trustor’s” property to the “trustee” who managed it for the benefit of the so‐called “beneficiaries”. At the beginning of the 19th century, “trust” emerged in the business sphere of the USA, whilst at the end of the 20th century the growing world‐wide importance of American capital markets stipulated the appearance of “trust‐like” devices throughout Europe. Despite some contradictions, different modifications of “trust” have entered into Bulgarian, Czech and Romanian law. This chapter will study the evolution of these newly established institutions, and attempt to predict their influence on juridical processes and determine their role in the integration of the 21st century European juridical system. This research is based on theoretical data. Its outcomes will be useful for lawyers of different countries of the world