Glossary entry

English term or phrase:

Guarantee Trust

Romanian translation:

fond fiduciar de garantare

Added to glossary by translator2012
May 15, 2007 23:01
17 yrs ago
5 viewers *
English term

Guarantee Trust

English to Romanian Law/Patents Law (general) Juridic
Guarantee Trust

Multumesc.
Proposed translations (Romanian)
3 +5 fond fiduciar de garantare

Discussion

translator2012 (asker) May 15, 2007:
"Guarantee Trust" is, essentially, putting the title of the property in escrow at the moment the property is sold. Using this creative mechanism -- pioneered by O'Farrill & Associates -- the seller-developer is beneficiary in first place, and the buyer is beneficiary in second place, of a single properly structured Bank Trust. Once the buyer pays the price in full within the loan contract -- which is part of the trust -- he / she becomes, automatically, and without further legal filings or fees -- the sole beneficiary of the trust.

Proposed translations

+5
7 mins
Selected

fond fiduciar de garantare

IATE spune:

ECONOMICS [COM]

EN guarantee trust

FR fonds fiduciaire de garantie

"Guarantee trust is created for the specific purpose of separating assets that are affected in the fulfillment of an obligation. It is constituted by a natural or legal person who is the debtor of a credit transaction, generally with one of the banks of the National Banking System of Costa Rica. The trustor gives assets to the fiduciary, designating the creditor bank as trustee. If the debtor fails to settle the debt, the trustee requests that the fiduciary sells the assets and pays him. It is applicable in all those negotiations expressed through contracts or agreements in which one or both parts surrender the trust in patrimony and this serves as a guarantee so that the third party, the fiduciary, obligates the contracting parts to comply with their commitments or obligations. The guarantee trust is, therefore, a contract through which the assets object of pledges or advances are surrendered to the fiduciary, by virtue of third party agreements so that the latter retains legal title of the same, until such time as the contractual terms or conditions of interest between the parts are fulfilled."
http://www.lpsc.com/articles/trustsinCR.htm
Peer comment(s):

agree Ioana Costache
53 mins
Mulţumesc!
agree Lucica Abil (X)
1 hr
Mulţumesc!
agree Bogdan Burghelea
5 hrs
Mulţumesc!
agree Iosif JUHASZ
5 hrs
Mulţumesc!
agree Renata Rusu
6 hrs
Mulţumesc!
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4 KudoZ points awarded for this answer. Comment: "Mulţumesc."
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