Trust Law: Private Ordering and the Branching of American Trust Law

The Oxford Handbook of New Private Law (Andrew S. Gold, John C.P. Goldberg, Daniel B. Kelly, Emily L. Sherwin, and Henry E. Smith, eds., Forthcoming)

17 Pages Posted: 3 Jun 2019 Last revised: 5 Aug 2019

Date Written: May 2, 2019

Abstract

In this chapter, prepared for The Oxford Handbook of New Private Law, we identify the principal ways in which the common law trust has been used as an instrument of private ordering in American practice. We argue that in both law and function, contemporary American trust law has divided into distinct branches. In our taxonomy, one branch involves donative trusts and the other commercial trusts. The donative branch divides further to include separate sub-branches for revocable and irrevocable donative trusts. We explain the logic of this branching in both practical function and doctrinal form.

Keywords: private law, new private law, trust law, private ordering, donative trust, business trust, commercial trust, irrevocable trust, donative trust, freedom of contract, freedom of disposition, fiduciary

JEL Classification: K11, K22, K36

Suggested Citation

Morley, John D. and Sitkoff, Robert H., Trust Law: Private Ordering and the Branching of American Trust Law (May 2, 2019). The Oxford Handbook of New Private Law (Andrew S. Gold, John C.P. Goldberg, Daniel B. Kelly, Emily L. Sherwin, and Henry E. Smith, eds., Forthcoming). Available at SSRN: https://ssrn.com/abstract=3387052

John D. Morley

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States
(203) 436-3527 (Phone)

Robert H. Sitkoff (Contact Author)

Harvard Law School ( email )

1575 Massachusetts Avenue
Cambridge, MA 02138
United States
(617) 384-8386 (Phone)
(617) 812-6195 (Fax)

HOME PAGE: http://www.law.harvard.edu/faculty/directory/facdir.php?id=649

Register to save articles to
your library

Register

Paper statistics

Downloads
72
Abstract Views
264
rank
322,417
PlumX Metrics