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92 Tul. L. Rev. 53 (2017-2018)

handle is hein.journals/tulr92 and id is 73 raw text is: Some Fundamentals of Trusts: Ownership or Equity in Louisiana? Ronald J. Scalise Jr.* I. INTRODUCTION........................................54 II. TRUSTS IN COMPARATIVE PERSPECTIVE ...................57 A. Common Law .................. ...........57 B. Civil Law: Trust-Like Devices .................62 1. Roman Law................ ...........63 2. French Law................. ..........66 3. German Law..........................71 C. Mixed Jurisdictions.........................75 1. Quebec...............................75 2. Scotland.............................77 3. SouthAfica. ........................... 79 IHI. DUALITY OF OWNERSHIP IN LOUISIANA-STILL VEXING AFTER ALL THESE YEARS (AND WHY IT MATERS) ............. 80 A. Possible Owners Under Louisiana Trust Law..............80 1. Beneficiary as Owner. ...... ..............81 2. Trustee as Owner ....................... 84 B. Why It Matters................................. 96 IV. A (NOT SO) MODEST PROPOSAL: THE BENEFICIARY AND THE TRUSTEE As HOLDERS OF DISTINCT REAL RIGHTS.......100 A. Real Rights..................................105 2017 Ronald J. Scalise Jr. A.D. Freeman Professor of Civil Law, Tulane Law School. The author also serves as the reporter for the Louisiana State Law Institute's Trust Code Committee. The views expressed herein are solely attributable to the author and not necessarily shared by the other members of the Trust Code Committee or the Louisiana State Law Institute. The author wishes to express his thanks and appreciation to Sally Richardson, David Cromwell, Cynthia Samuel, Ted Martin, Tommy Lemann, Peggy Adams, Ed Chase, E2izabeth Carter, and Franois du Toit, all of whom have read and commented or offered thoughts upon an earlier draft of this Article, as well as to the attendees at the New Orleans Bar Association Real Estate Section Meeting and the Legal Education Committee of the American College and Trust and Estates CoJmrDittee, many of whom offered helpful suggestions on the presentation of an earlier version of this Article. Deep appreciation is also extended to Mallory Wailer, Coordinator of Research and Revisor of Statutes for the Louisiana State Law Institute, who helped in unearthing and wading through the archives of the Louisiana State Law Institute, and to James Duggan and Roy Sturgeon for help in locating source material. Any remaining errors are solely attributable to the author. This Article is dedicated to a dear, departed friend, Thanassi Yiannopoulos, whose scholarship and erudition informs the author's analysis on this topic and many others. 53

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