LAW OF FEBRUARY 19, 2007 ESTABLISHING THE TRUST
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LAW OF FEBRUARY 19, 2007 ESTABLISHING THE TRUST

LAWS 

LAW n ° 2007-211 of February 19, 2007 establishing the trust (1) 


The National Assembly and the Senate have adopted,

The President of the Republic promulgates the law whose content follows:

Chapter I

General provisions 

 

Article 1


In Book III of the Civil Code, a Title XIV is re-established as follows:


“TITLE XIV
 


“OF THE TRUST 


“Art. 2011. – The trust is the operation by which one or more settlers transfer property, rights or security interests, or a set of assets, rights or security interests, present or future, to one or more trustees who, holding them separated from their own assets, act for a specific purpose for the benefit of one or more beneficiaries.

“Art. 2012. – The trust is established by law or by contract. It must be express.

“Art. 2013. – The trust contract is null if it proceeds from a liberal intention for the benefit of the beneficiary. This nullity is of public order.

“Art. 2014. – Only legal entities subject to corporate income tax, as of right or optionally, can be constituents. The rights of the settlor under the trust are neither transferable free of charge nor transferable for consideration to persons other than legal persons subject to corporation tax.

“Art. 2015. – Only the credit institutions mentioned in Article L. 511-1 of the Monetary and Financial Code, the institutions and services listed in Article L. 518-1 of the same code, businesses investments mentioned in article L. 531-4 of the same code as well as insurance companies governed by article L. 310-1 of the insurance code.

“Art. 2016. – The settlor or the trustee can be the beneficiary or one of the beneficiaries of the trust contract.

“Art. 2017. – Unless otherwise stipulated in the trust contract, the settlor may, at any time, appoint a third party responsible for ensuring the preservation of his interests within the framework of the execution of the contract and who may have the powers that the law grants the grantor.

“Art. 2018. – The trust contract determines, on pain of nullity:

“1 ° The property, rights or securities transferred. If they are future, they must be determinable;

“2 ° The duration of the transfer, which cannot exceed thirty-three years from the signing of the contract;

“3 ° L ‘

“4 ° The identity of the trustee or trustees;

“5 ° The identity of the beneficiary or beneficiaries or, failing that, the rules allowing their designation;

“6 ° The mission of the trustee (s) and the extent of their powers of administration and disposal.

“Art. 2019. – Under penalty of nullity, the trust contract and its amendments are registered within one month from their date at the tax service of the registered office of the trustee or at the non-resident tax service if the trustee does not ‘is not domiciled in France.

“When they relate to buildings or real property rights, they are, under the same sanction, published under the conditions provided for in Articles 647 and 657 of the General Tax Code.

“The transfer of rights resulting from the trust contract and, if the beneficiary is not designated in the trust contract, his subsequent designation must, on pain of nullity, give rise to a written act registered under the same conditions.

“Art. 2020. – A national register of trusts is set up in accordance with the procedures specified by decree of the Council of State.

“Art. 2021. – When the trustee acts on behalf of the trust, he must expressly mention this.

“Likewise, when the fiduciary patrimony includes goods or rights the transfer of which is subject to publication, it must mention the name of the fiduciary ex officio.

“Art. 2022. – The trust contract defines the conditions under which the trustee reports on his mission to the settlor. The trustee reports on his mission to the beneficiary and to the third party designated in application of article 2017, at their request, at a frequency fixed by the contract.

“Art. 2023. – In his relations with third parties, the trustee is deemed to have the most extensive powers over the fiduciary patrimony, unless it is demonstrated that the third parties were aware of the limitation of his powers.

“Art. 2024. – The opening of a safeguard, receivership or judicial liquidation procedure for the benefit of the trustee does not affect the trust patrimony.

“Art. 2025. – Without prejudice to the rights of creditors of the grantor holding a resale right attached to a security published prior to the trust contract and except in cases of fraud of the rights of the grantor’s creditors, the trust patrimony can only be seized by holders of receivables arising from the conservation or management of this heritage.

“In the event of insufficiency of the fiduciary patrimony, the patrimony of the settlor constitutes the common pledge of these creditors, unless otherwise stipulated in the trust contract putting all or part of the liabilities at the charge of the trustee.

“The trust contract can also limit the obligation to fiduciary liabilities to only the fiduciary patrimony. Such a clause is only opposable to creditors who have expressly accepted it.

“Art. 2026. – The fiduciary is responsible, on his own patrimony, for the faults he commits in the exercise of his mission.

“Art. 2027. – If the trustee fails in his duties or jeopardizes the interests entrusted to him, the settlor, the beneficiary or the third party designated in application of article 2017 may take legal action for the appointment of a provisional trustee or request the replacement of the trustee. The judicial decision granting the request automatically entails relinquishment of the trustee.

“Art. 2028. – The trust contract may be revoked by the settlor as long as it has not been accepted by the beneficiary.

“After acceptance by the beneficiary, the contract can only be modified or revoked with his agreement or by court decision.

“Art. 2029. – The trust contract ends by the occurrence of the term, by the achievement of the goal pursued when this occurs before the term or in the event of revocation by the grantor of the option for corporation tax.

“It also terminates automatically if the contract provides for it or, failing that, by a court decision, if, in the absence of stipulations providing for the conditions under which the contract continues, all of the beneficiaries renounce the trust. . The same applies if the trustee is subject to compulsory liquidation or dissolution, or disappears as a result of an assignment or absorption.

“Art. 2030. – When the trust contract ends in the absence of a beneficiary, the rights, property or securities present in the trust patrimony automatically revert to the settlor.

“Art. 2031. – In the event of dissolution of the settlor, when the beneficiaries are not legal persons subject to corporation tax, the fiduciary patrimony cannot be attributed to these beneficiaries ex officio before the date on which the contract of trust ends. In this situation, the rights of the beneficiaries under the trust are not transferable free of charge inter vivos nor transferable for valuable consideration. “

Chapter II

Provisions relating to the fight

against money laundering 

 

Article 2


The seventh paragraph (6 °) of Article L. 562-2-1 of the Monetary and Financial Code reads as follows:

“6 ° The constitution, management or management of trusts governed by Articles 2011 to 2031 of the Civil Code or by a foreign law or any other similar structure. “


Chapter III

Tax provisions

Section 1

Land registration and publicity

Article 3


I. – The 1 of article 635 of the general tax code is supplemented by an 8 ° thus worded:

“8 ° The acts recording the formation, the modification or the termination of a trust contract, and the transfer of additional property or rights to the trustee under the conditions provided for in Article 2019 of the Civil Code. “

II. – Before article 669 of the same code, an article 668 bis is inserted as follows:

“Art. 668 bis. – For the liquidation of registration fees and land registration tax, the value of the debt held on a trust is assessed at the real net market value of the property placed in trust or of the property acquired in re-employment, on the date of the taxable event. “

III. – The sixth paragraph of article 1115 of the same code reads as follows:

“For the application of the condition of resale, transfers of rights or assets in a trust patrimony and outright contributions made from January 1 1996 are not considered sales. “

IV. – In article 1020 of the same code, the word and the reference: “and 1133 ter” are replaced by the references: “, 1133 ter and 1133 quater”.

V. – After article 1133 ter of the same code, an article 1133 quater is inserted as follows:

“Art. 1133c. – Subject to the provisions of article 1020, acts recording the formation, modification or termination of a trust contract or recording the transfer of additional property or rights to the trustee are subject to a fixed fee of EUR 125.

“However, article 1020 does not apply to deeds recording the return of all or part of the trust patrimony to the settlor. “

VI. – After article 1378 sexies of the same code, an article 1378 septies is inserted as follows:

“Art. 1378 septies. – For the application of registration fees, the rights of the settlor resulting from the trust contract are deemed to relate to the property forming the trust patrimony. When these rights are transferred, transfer duties are payable depending on the nature of the property and rights transferred. “

Article 4


After article 792 of the same code, two articles 792 bis and 792 ter are inserted as follows:

“Art. 792 bis. – When it is noted a transfer with a liberal intention of goods or rights forming the subject of a trust contract or of the fruits derived from the exploitation of these goods or rights, the free transfer rights apply. on the value of the goods, rights or fruits thus transferred, assessed on the date of this transfer. They are settled according to the rate applicable between unrelated persons mentioned in Table III of article 777.

“For the application of the provisions mentioned in the first paragraph, the liberal intention is characterized in particular when the transmission is devoid of real consideration or when an advantage in kind or resulting from a reduction in the sale price is granted to a third party by the trustee in the context of the management of the trust patrimony. In the latter case, free transfer rights apply to the value of this advantage.

“Art. 792 ter. – In the case mentioned in Article 2031 of the Civil Code, during the transfer, at the end of the contract, of the trust patrimony to natural persons or to legal persons not subject to corporation tax, beneficiaries of the settlor, the free transfer duties apply to the value of the property or rights subject to the trust, assessed on the date of this transfer. They are settled according to the rate applicable between unrelated persons mentioned in Table III of article 777. “


Section 2

Direct taxes

 

Article 5


I. – After the 1 of article 150-0 D of the general tax code, a 1 bis is inserted as follows:

“1 bis. In the event of transfer of securities or rights received under the conditions provided for in article 792 ter, the acquisition price of these securities or rights is understood to be their value used to determine the free transfer rights provided for therein. same article 792 ter. “

II. – The V of article 150-0 D bis of the same code is completed by a 7 ° as follows:

“7 ° In the event of transfer of securities or rights mentioned in 1 bis of article 150-0 D, from January 1 of the year of transfer of the securities or rights ceded from the trust patrimony to the beneficiaries. “

III. – The I of article 150 VB of the same code is supplemented by a paragraph worded as follows:

“In the event of the transfer of an asset or a right mentioned in articles 150 U to 150 UB, received during the transfer of the trust patrimony to the beneficiaries, at the end of the trust contract, the acquisition price is equal to the value of this property or this right as stipulated in the deed. “

Article 6


Chapter II of Title I of the first part of Book I of the same code is completed by a section 9 worded as follows:


“Section 9


“Trust
 


“Subsection 1
 


“Constitution of the fiduciary patrimony


“Art. 223 V. – I. – Profits or losses as well as capital gains or losses resulting from the transfer to a trust patrimony of property and rights entered in the assets of the balance sheet of the settlor of the trust are not included in the result taxable during the transfer exercise if the following conditions are met:

“1 ° The trust contract meets the conditions provided for in Articles 2011 to 2031 of the Civil Code;

“2 ° The settlor is designated as one or one of the beneficiaries in the trust contract;

“3 ° The trustee must respect the following commitments made in the trust contract:

“A) Record in the accounts of the fiduciary patrimony the property or rights transferred as well as the related depreciation and provisions of any kind;

“B) Act as a substitute for the grantor for the reinstatement of provisions and results relating to the goods or rights transferred, the taking into account of which had been deferred for the taxation of the latter;

“C) Calculate the capital gains realized subsequently on the occasion of the sale of non-depreciable fixed assets which have been transferred to the trust patrimony according to the value they had, from a tax point of view, in the settlor’s writings ;

“D) Reintegrate into the taxable profits in respect of the fiduciary patrimony the capital gains or losses generated during the transfer of depreciable property. The reintegration of capital gains is carried out in equal parts, within the limit of the initial term of the trust contract, over a period of fifteen years for constructions and rights relating to constructions as well as for plantations and fittings. and development of depreciable land over a period at least equal to this period. This period is five years in all other cases.

“However, the sale of a depreciable asset entails the immediate taxation of the fraction of the capital gain relating to this asset which has not yet been reinstated.

“In return, the subsequent depreciation and capital gains relating to depreciable items are calculated according to the entry value in the writings of the fiduciary patrimony;

“4 ° Items other than fixed assets transferred to the trust patrimony must be entered in the writings of the fiduciary patrimony for the value they had, from a tax point of view, in the writings of the settlor.

“Otherwise, the profit corresponding to the difference between the registration value in the writings of the fiduciary patrimony of these elements and the value they had, from a tax point of view, in the writings of the settlor is included in the taxable result of the latter in respect of the fiscal year during which the transfer to the trust patrimony occurs.

“II. – The rights relating to a leasing contract concluded under the conditions provided for in 1 and 2 of Article L. 313-7 of the Monetary and Financial Code are assimilated to fixed assets, depreciable or non-depreciable in the the conditions provided for in article 39 duodecies A.

“For the application of c of 3 ° of I of this article, in the event of a subsequent transfer of the rights mentioned in the first paragraph of this II which are assimilated to non-depreciable elements or of transfer of the land, the capital gain is calculated according to the value that these rights had, from a fiscal point of view, in the writings of the grantor.

“These provisions apply to rights relating to leasing contracts relating to depreciable intangible elements of a goodwill or similar.

“III. – For the application of this article, the securities of the portfolio whose sale result is excluded from the regime of long-term capital gains or losses in accordance with article 219 are assimilated to non-depreciable items of fixed assets.


“Subsection 2
 


“Provisions applicable during the trust contract

” I. – Result of the trust patrimony


“Art. 223 VA. – The taxable profit of the trust is determined according to the rules applicable to the profit made by the holder of a claim under it and taxed in the name of this holder.

“In the event of more than one holder, the benefit of the trust is taxed in the name of each holder in proportion to the real value of the property (s) or rights placed in trust by each of the constituents on the date on which the latter transferred elements in the trust patrimony.

“Art. 223 VB. – In the case referred to in Article 2031 of the Civil Code, the taxable profit of the trust is determined according to the rules applicable to profits liable to corporation tax. The tax due is calculated under the conditions mentioned in I of article 219 of this code and paid by the trustee. This tax is established and controlled like the corporation tax and under the same guarantees and sanctions.


“II. – Settlement’s situation


“Art. 223 VC. – Any variation or depreciation in the amount of the claim or claims under the trust has no impact on the taxable income of the holder of this claim.

“Art. 223 VD. – For the application of this code and its appendices, the turnover from the management of the fiduciary patrimony is added to that achieved by the settlor.

“In the event of more than one constituent, the turnover is distributed in proportion to the real value of the property (s) or rights placed in trust by each of the constituents on the date on which the latter transferred elements to the trust patrimony.


“Subsection 3


“End of the trust


“Art. 223 VE. – I. – In the event of the transfer or cancellation of all or part of the debt recorded under the trust contract, the results of the trust patrimony are determined, on the date of transfer or cancellation, under the conditions provided for in Articles 201 and following and imposed in the name of the transferor.

“The difference between the sale price of the receivable and the cost price has no impact on the taxable result of the assignor.

“II. – The I also applies in the event of termination or dissolution of the debt holder, in the event of termination or cancellation of the trust contract or when it ends.

“Art. 223 Vol. – Article 223 VE does not apply in the event of transfer of the receivable carried out within the framework of an operation benefiting from the provisions provided for in article 210 A.

“Art. 223 VG. – I. – As an exception to the provisions of article 223 VE, when the trust contract ends, the profits or losses as well as the capital gains or losses resulting from the transfer of property or rights from the trust patrimony to the settlor are not not included in the taxable result of the transfer exercise if the following conditions are met:

“1 ° The trust contract ends without liquidation of the trust patrimony;

“2 ° The grantor must respect the following commitments:

“A) Enter the goods or rights transferred as well as the related depreciation and provisions of any kind on its balance sheet;

“B) Act as a substitute for the trustee for the reinstatement of provisions and results relating to transferred assets and rights, the inclusion of which had been deferred for the taxation of the trust patrimony;

“C) Calculate the capital gains realized subsequently on the occasion of the disposal of the non-depreciable fixed assets which have been transferred to it according to the value they had, from a tax point of view, in the entries of the fiduciary patrimony;

“D) Reintegrate into its taxable profits the capital gains or losses generated during the transfer of depreciable property. The reintegration of capital gains is carried out in equal parts over a period of fifteen years for constructions and rights relating to constructions as well as for plantations and fixtures and fittings of depreciable land over a period at least equal to this duration. This period is five years in all other cases.

“However, the sale of a depreciable asset entails the immediate taxation of the fraction of the capital gain relating to this asset which has not yet been reinstated.

“In return, subsequent depreciation and capital gains relating to depreciable items are calculated on the basis of the entry value on its balance sheet;

“3 ° Items other than fixed assets must be entered in the balance sheet of the settlor for the value they had, from a tax point of view, in the writings of the trust patrimony. Otherwise, the profit corresponding to the difference between the value of entry in the balance sheet of the constituent of these elements and the value they had, from a tax point of view, in the entries of the fiduciary patrimony is included in the taxable result of this last for the fiscal year during which the return of goods to the grantor takes place.

“II. – For the application of I, the commitments mentioned in 2 ° of I are made in the deed recording the transfer of assets or rights from the trust patrimony to the settlor or, failing that, in a private deed having a certain date, established on this occasion.

“III. – The rights relating to a leasing contract concluded under the conditions provided for in 1 and 2 of Article L. 313-7 of the Monetary and Financial Code are assimilated to fixed assets, depreciable or non-depreciable in the the conditions provided for in article 39 duodecies A of this code.

“For the application of c of 2 ° of I of this article, in the event of a subsequent transfer of the rights mentioned in the first paragraph of this III which are assimilated to non-depreciable elements or of transfer of the land, the capital gain is calculated according to the value that these rights had, from a fiscal point of view, in the writings of the fiduciary patrimony.

“These provisions apply to rights relating to leasing contracts relating to depreciable intangible elements of a goodwill or similar.

“IV. – For the application of this article, the securities of the portfolio whose sale result is excluded from the regime of long-term capital gains or losses in accordance with article 219 are assimilated to non-depreciable items of fixed assets.


“Subsection 4


“Reporting obligations incumbent on the fiduciary ex officio


“Art. 223 VH. – The trust is the subject of a declaration of existence by the trustee under the conditions and deadlines set by decree.

“Art. 223 VI. – The fiduciary is bound by the declaratory obligations which are normally incumbent on companies subject to the tax regime for partnerships defined in article 8.

“Art. 223 VJ. – For the application of this code and its appendices, the statements retracing the entries of the appropriation patrimony over the financial year take the place of the balance sheet and the income statement for each fiduciary patrimony. “

Article 7


Article 54 septies of the same code is thus amended:

1 ° In the first sentence of I, the references: “210 B and 210 D” are replaced by the references: “210 B, 210 D and 223 VG”;

2 ° II is amended as follows:

a) The first paragraph is supplemented by two sentences worded as follows:

“The same applies to capital gains on non-depreciable assets resulting from the transfer into or out of a portfolio. fiduciary and whose taxation has been deferred by application of article 223 V or article 223 VG. When the taxation is deferred in application of article 223 V, the register is kept by the trustee who entered this property in the writings of the trust patrimony.

b) The second sentence of the second paragraph is completed by the words: “or the fiduciary patrimony”.

Section 3

Value added tax

Article 8


I. – In 1 ° of IV of article 256 of the general tax code, the words: “and real estate works” are replaced by the words: “, real estate works and the fulfillment of fiduciary obligations”.

II. – Article 257 of the same code is amended as follows:

1 ° 6 ° is worded as follows:

“6 ° Subject to 7 °:

” a) Transactions relating to buildings, business assets or shares or shares real estate companies and the results of which must be included in the income tax bases in respect of industrial and commercial profits;

“B) Transfers of rights under a trust contract representing property referred to in the first paragraph and the results of which must be included in the bases of income tax in respect of industrial and commercial profits; “

2 ° After the b of 1 of 7 °, a ba is inserted as follows:

” b bis) Assignments by the grantor, within the framework of a trust contract, of rights representing property referred to in a and b; “

3 ° In the last paragraph of 2 of 7 °, after the words:” social rights “, are inserted the words:” or rights resulting from a trust contract “.

III. – After the f of 1 of article 266 of the same code, an fa is inserted as follows:

“Fa) For services provided by a fiduciary, by the remuneration paid by the settlor or withheld from the revenue from the exploitation of the rights and assets of the trust patrimony; “.

IV. – The b of article 268 of the same code is supplemented by a paragraph worded as follows:

“When the transaction is carried out by a trustee, the sums mentioned in the two preceding paragraphs are assessed, if necessary, by the settlor. »

V. – After article 285 of the same code, an article 285 A is inserted as follows:

“Art. 285 A. – For operations relating to the use of the property or rights of a trust patrimony, the trustee is considered as a separate person liable for each trust contract, except for the assessment of the limits of tax regimes and franchises, for which is retained the turnover achieved by all the fiduciary assets having the same constituent. “


Section 4

Local taxation

 

Article 9


I. – Article 1476 of the General Tax Code is supplemented by a paragraph worded as follows:

“When the activity is carried out by virtue of a trust contract, it is taxed in the name of the trustee. “

II. – The beginning of paragraph 2 of section 1467 of the Code provides:

“In the case of holders of non-business profits, business agents, trustees for the fulfillment of their mission and intermediate trade using less than five employees … (the rest unchanged). “

III. – After article 1518 B of the same code, an article 1518 C is inserted as follows:

“Art. 1518 C. – Transfers and transmissions resulting from the execution of a trust contract have no impact on the rental value of the goods concerned. “

IV. – Article 1400 of the same code is supplemented by an IV worded as follows:

“IV. – When an immovable has been transferred pursuant to a trust contract, the property tax is established in the name of the trustee. “


Section 5

Right of control and right of communication

 

Article 10


I. – After the third paragraph of Article L. 12 of the Book of Tax Procedures, a paragraph is inserted as follows:

“When a trust contract or the acts modifying it have not been registered under the conditions provided for in Article 2019 of the Civil Code, or disclosed to the tax administration before the initiation of the contradictory examination of the personal tax situation of a taxpayer who is a party to it or has rights therein, the period provided for in the third paragraph is extended by the time elapsed between the date of receipt of the verification notice and the registration or disclosure of the information. “

II. – Article L. 13 of the same book is supplemented by a paragraph worded as follows:

“Trusts, in the person of their trustee, are subject to accounting verification under the conditions provided for in this article. “

III. – Article L. 53 of the same book is supplemented by a paragraph worded as follows:

“With regard to trusts, the procedure for verifying the declarations filed by the trustee on behalf of the latter is followed between the tax administration and the trustee. “

IV. – Section 4 of Chapter I of Title II of the first part of the same book is completed by a V worded as follows:

“V. – Trust:

“Art. L. 64 C. – Without prejudice to the penalty of nullity provided for in Article 2013 of the Civil Code, trust contracts granted with liberal intent within the meaning of Article 792 bis of the General Tax Code and which lead to a reduction of rights in respect of all taxes and duties owed by any of the parties to the contract or by holding rights cannot be opposed to the administration which is entitled to restore its true character to the disputed transaction. “

V. – The second paragraph of Article L. 68 of the same book is supplemented by the words:” or, for trusts, if the acts provided for in Article 635 of the General Tax Code have not been registered “.

VI. – After 1 ° bis of Article L. 73 of the same book, a 1 ° ter is inserted as follows:

“1 ° ter The taxable profit of trusts when the annual declaration provided for in Article 223 VI of the General Code taxes have not been filed within the statutory time limit by the trustee; “.

VII. – After article L. 96 E of the same book, an article L. 96 F is inserted as follows:

“Art. L. 96 F. – The trustee, the settlor, the beneficiary or any natural or legal person exercising by any means direct or indirect decision-making power over the trust must communicate to the tax authorities at his request any document relating to the contract. trust, without being able to be opposed the obligation of secrecy envisaged in article 226-13 of the penal code. “

Article 11


The last paragraph (b) of article 1729 of the general tax code is supplemented by the words: “or in the event of application of the provisions of article 792 bis”.


Chapter IV

Accounting provisions

 

Article 12


I. – The assets and liabilities transferred within the framework of the operation mentioned in article 2011 of the civil code form an appropriation patrimony. Transactions affecting the latter are subject to independent accounting by the fiduciary.

II. – The legal entities mentioned in Article 2015 of the Civil Code draw up annual accounts in accordance with the provisions of Articles L. 123-12 to L. 123-15 of the Commercial Code.

III. – The control of the autonomous accounting mentioned in I is exercised by one or more auditors appointed by the fiduciary when the constituent (s) are themselves required to appoint an auditor. The auditor’s report is presented to the trustee. The auditor is released from professional secrecy with regard to the auditors of the parties to the trust contract.

IV. – The provisions of I and II are specified by a regulation of the accounting regulation committee.

Chapter V

Common provisions

 

Article 13


The settlor and the trustee must be residents of a State of the European Community or of a State or territory which has concluded a tax treaty with France with a view to eliminating double taxation which contains an administrative assistance clause with a view to fight against fraud or tax evasion.

Article 14


When the purpose of the trust contract is to cover insurance or reinsurance risks, this law applies subject to the provisions of the Insurance Code.

Article 15


The documents relating to the trust contract are sent, at their request and without being able to oppose professional secrecy, to the service established in Article L. 562-4 of the Monetary and Financial Code, to the customs services and to the officers of judicial police, to the competent control authorities in matters of the fight against money laundering, to the tax administration and to the judge, by the trustee, the settlor, the beneficiary or by any natural or legal person exercising, in any way whatsoever. or, direct or indirect decision-making power over the trust.

These documents are required for a period of ten years after the end of the trust contract.

Article 16


After article 2328 of the civil code, an article 2328-1 is inserted as follows:

“Art. 2328-1. – Any real security may be registered, managed and realized on behalf of the creditors of the obligation guaranteed by a person they designate for this purpose in the deed which establishes this obligation. “

Article 17


Article 1596 of the Civil Code is supplemented by a paragraph worded as follows:

“Trustees, property or rights making up the trust patrimony. “

Article 18


The Commercial Code is amended as follows:

1 ° II of Article L. 233-10 is supplemented by a 5 ° as follows:

“5 ° Between the trustee and the beneficiary of a trust contract, if this beneficiary is the constituent. “;

2 ° I of article L. 632-1 is supplemented by a 9 ° worded as follows:

“9 ° Any transfer of property or rights in a trust patrimony in application of articles 2011 and following of the civil code. “

This law will be enforced as a law of the state.


Done in Paris, February 19, 2007.


Jacques Chirac


By the President of the Republic:


The Prime Minister,

Dominique de Villepin

The Minister of the Economy,

Finance and Industry,

Thierry Breton

The Keeper of the Seals, Minister of Justice,

Pascal Clément


(1) Preparatory work: law n ° 2007-211.

Senate:

Bill n ° 178 (2004-2005);

Report by Mr. Henri de Richemont, on behalf of the Law Commission, n ° 11 (2006-2007);

Discussion and adoption on October 17, 2006.

National Assembly:

Bill, adopted by the Senate, n ° 3385;

Report by Mr. Xavier de Roux, on behalf of the Law Commission, n ° 3655;

Discussion and adoption February 7, 2007.

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