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Commercial Trusts as Business Organizations: An Invitation to Comparatists Steven L. Schwarcz Duke Journal of Comparative & International Law issue in honor of the late Professor Herbert Bernstein (2003) |
ABSTRACT:
In a separate article, I have shown that although U.S. law focuses almost exclusively on gratuitous trusts, the increasingly dominant use of trusts in the United States is for distinctly non-gratuitous commercial transactions. I therefore constructed an analytical framework in which to try to address such questions as whether commercial trusts are a better form of business organization than corporations, and whether existing trust law is adequate to govern commercial trusts. This essay attempts to make that framework accessible to lawyers and scholars interested in examining the commercial trust form for comparison with, and possible application to, their own legal systems.
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