Global Capital Markets Center
|
Commercial Trusts as Business Organizations: Unraveling the Mystery Steven L. Schwarcz Forthcoming 58 Business Lawyer (February 2003) |
ABSTRACT:
Although the law focuses almost exclusively on gratuitous trusts, the increasingly dominant use of trusts is for securitization and other distinctly non-gratuitous commercial transactions. This shift has occurred without a systematic understanding of whether commercial trusts are a better form of business organization than traditional alternatives, such as corporations. Furthermore, few have even considered whether existing trust law is adequate to govern commercial trusts. This article builds an analytical framework in which to attempt to examine these issues. In that context, it argues that commercial trusts and corporations can be viewed as mirror-image entities that respond to different investor needs.
Email the author to request a copy of the article (Note: Full text of article available above)
Return to the Bankruptcy / Insolvency Index
Return to the Commercial Law Index
Return to the Corporate Finance Index
Return to the Corporate Governance
Return to the Securitization and Structured Finance Index
Return to the Research
Index