Is the trust legal in Nicaragua?
Is the trust legal in Nicaragua? Yes, it is legal. It is regulated under Law number 741 "Law on the Trust Agreement" and its Regulation Decree 69-2011 and related laws. What is the Trust? It is the operation by virtue of which the settlor transfers ownership of a certain asset or set of assets or rights to the trustee, who undertakes to administer them in favor of the beneficiary and transmit them to the trustee or settlor when a term, condition is met. or other cause of extinction of the obligation. Classes of Trust? Law 741 mentions some types of Trusts: - Trust in administration. - Guarantee Trust. - Life insurance trust. - Investment trust. - Pension and retirement trust. - Real Estate Trust. Trust Agreement Advantages? This contract has a series of advantages that make it attractive when doing business. Undoubtedly, the main one is the constitution of fiduciary property over the trust assets, producing the separation of the trust assets from th...