Romanian 'fiducia' and georgian 'trust' (Major terminological similarities and differences)

• Author: Irina Gvelesiani
• Position: Associate Professor, Ivane Javakhishvili Tbilisi State University
• Pages: 60-66

LESIJ NO. XX, VOL. 2/2013

ROMANIAN “FIDUCIA” AND GEORGIAN “TRUST” (MAJOR

TERMINOLOGICAL SIMILARITIES AND DIFFERENCES)

Irina GVELESIANI

Abstract

Globalization - a complex system of innovation, international ization and rapidly growing

interdependence – plays the greatest role in the formation of today’s world. It enters different spheres of

human life and stipulates the uniformity of economy, law, business and even, political life. In the framework

of global processes, a lot of changes can be seen in the legal systems of European countries. The given paper

discusses the formation of the Romanian “fiducia” and the Georgian “



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” (sakutrebis

mindoba – means “trust”) under the influence of Anglo-American “trust”. The term “trust” generally

nominates an institution of Anglo-American law, which is irrepla ceable in the cases when the rea l owner of

the property must be substituted by the nominal one (trustee) for carrying out civil relationships. This concept

originated in the English Common law, but has been constan tly rejected by the Eur opean continental legal

systems (Civil law). The main obsta cle laid in the fact, tha t Anglo-American legal system was based on the

duality of ownership, which was almost unacceptable for the continental law-governed countries. However,

in the r ecent years, the gr owing importance of the American capita l markets popular ized the utilization of

“trust” and stipulated its insertion in some “rigid” European jurisdictions. Moreover, some world countries

have already indirectly allowed mechanisms similar to the “trust”. Among them are Romania and Georgia.

The given research is dedicated to the precise description of the Romanian and Georgian “trust instruments”.

It singles out major ter minological units and under lines the fact that newly-established mechanisms have to

undergo several stages for turning into faithful reflections of the original model of “trust”.

Keywords: globalization, fiducia, Geor gian, Romanian, tr ust.

Introduction

The concept “globalization” has rapidly crept into the consciousness of contemporary

society and has acquired different interpretations. According to Merriam-Webster dictionary:

globalization means the development of an increasingly int egrated global economy mark ed

especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets

1. It

is an inevitable phenomenon in human history that's been bringing the world closer through the

exchange of goods and products, information, knowledge and culture2. Globalization refers both

to the compression of the world and the intensification of consciousness of the world as a whole3.

The existence of competing definitions of global processes indicates to the complexity of the given

phenomenon. Some scholars speak ab out globalization of econo my and culture, while others

indicate to the law or politics. However, according to th e existed data, globalization can be

regarded as a complex system of innovation, internationalization and rapidly growing

interdependence, which plays the greatest role in the formation of today’s world. It comprises

almost all spheres of life and aims at the creation of the “boundless” globe.

 Associate Professor, Ivane Javakhishvili Tbilisi State University (e-mail: irina.gvelesiani@tsu.ge).

1 Merriam-Webster dictionary. Accessed January 2, 2013, http://www.merriam-webster.com/dictionary/

globalization.

2 Globalization. Accessed January 3, 2013, http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/

0,,contentMDK:23272496~pagePK: 51123644~piPK:329829~theSitePK:29708,00.html.

3 Malcolm Waters, Globalization, accessed January 12, 2013, books.google.ge/books?isbn=0415238544.