Trast - zajednički izazov građanskog materijalnog prava i međunarodnog privatnog prava Republike Srbije

In this paper, we discuss a trust, an institute of widespread application in the laws of the Anglo-American system, which is not regulated in the Serbian legal system. In order to find the best solution to approach the trust in Serbian law, we consider the problem from two perspectives. First, we analyse similar legal institutions to a trust, as known to Serbian law and judicial practice (such as a fiduciary relationship) in terms of civil substantive law. Then, we discuss it from the perspective of Private International Law, pointing out the shortcomings of substitution method in the case of a trust, especially in terms of legal certainty principle. Since two Serbian statutory acts (on the prevention of money laundering and on the registration of real owners) mention a trust, but do not regulate it, there is a legal gap, since even substitution does not provide a solution. Relying on the Hague Convention on the Law Applicable to Trusts and its Recognition, we point out the importance of direct recognition of a trust validly established abroad, without the use of substitution method. This is not the only reason why we suggest the legislator to consider its ratification, but also because it prevents the misuse of trust.