It is quite possible that electronic execution of an electronic trust (or deed), with a good record of who wrote what and when (without the ability for people to write anything they are not supposed to write on the document), would avoid many problems with paper copies and wet signatures. This would also ensure that the original version is stored and therefore available if necessary, thus avoiding the problem of lost documents (another problem that is quite common). Therefore, the news that the Legal Committee is dealing with these issues is welcome, even if no development in this area is imminent. English law, which prescribes the written writing of a given document, dates back to the Fraud Act of 1677, which is still in force (along with many other laws, of course). For the purposes of our article, we deal with wills and trusts. Trust Agreement or Trust Deed is an agreement in which a person transfers assets to another person (trustee). Under the provisions of this Agreement, it is possible to transfer money, securities, real estate, personal and intellectual property and other property rights. In the United States, state law governs trusts. The right of trust is therefore variable from state to state, although many states have adopted the uniform trust code and the common law of states is widespread.
These similarities are summarized in the restorations of the law, for example. B in the Restatement of Trusts, Third (2003-08). In addition, federal considerations such as federal taxes managed by the Internal Revenue Service may, in practice, influence the structure and creation of trusts. At that time, land ownership in England was based on the feudal system. When a landowner left England to fight in the Crusades, he ceded ownership to his land in his absence to manage and pay for the property and obtain feudal taxes, provided the property was repatriated upon his return. However, the Crusaders often encountered the refusal to hand over the property upon their return. Unfortunately for the crusader, the English common law did not recognize his claim. As far as the king`s courts were concerned, the country belonged to the agent, who was not obliged to return it. The crusader had no legal right. The angry crusader would then send a petition to the king, who would pass the matter on to his chancellor. The chancellor could decide on a case, depending on his conscience. It was at this time that the principle of justice was born.
As mentioned earlier last month, the English Legal Committee published a consultation paper on the electronic execution of documents on 21 August.