Abstract
Abstract Trusts are not entities endowed with legal personality. They cannot own property, enter contracts, or owe legal liabilities. To trusts lawyers this is obvious. To business people—and to the commercial and financial lawyers who advise them—it can come as a surprise. They are sometimes apt to assume—mistakenly—that when a trustee enters a contract with a creditor while managing the trust affairs, the contract will constitute a binding obligation on the trust, and the trust assets will be directly available to satisfy the creditor in the event of default.
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