THE TRUST
A trust allows the legal title of a thing to rest with one party but be subject to the direction of another party for the benefit a third party. The time-honored example is the English knight who gives the title to his land to his friend to hold in trust for his wife and children in the event that he is killed in battle. Trust law is a unique feature of English common law. Unless adopted by legislation, the concept of a trust is unknown in many jurisdictions.2 For example, a Royal Decree was required in Luxembourg to establish the legal basis for Clearstream. Similarly, a statute was required in Belgium for the creation of Euroclear.
From crusaders, the idea of the trust was born.
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