Cap. 16 Art. 1124CProperty subject to fiduciary obligations and ownership.

(1) Where a person is vested with ownership, has registered in his name, holds, exercises control or powers of disposition over property subject to fiduciary obligations, such property shall constitute a distinct and separate patrimony, consisting of all relative rights and obligations with respect thereto, and such property shall not be subject to the claims or rights of action of the fiduciary’s personal creditors, nor of his spouse or heirs at law, except as stated in the provisions of this Code or of special laws.

(2) Fiduciary ownership of property is ownership as contemplated by Title II of Book Second of this Code in so far as third parties are concerned, but which is modified by the provisions of this Title and any special laws and other provisions of this Code which may be applicable, in so far as it is subject to obligations towards and for the benefit of another person, referred to as a beneficiary, or for the achievement of a purpose, or both. Such modifications imply restrictions and limitations on the right of ownership consistent with the provisions of this Title, the special laws on trusts and other provisions of this Code.

(3) Where property subject to fiduciary obligation is in the possession of a fiduciary and owned by the beneficiary, the provisions of this Code or of any other special law governing their relationship shall apply in accordance with the terms and conditions established by the fiduciary and the beneficiary:

Provided that such terms and conditions may be modified in terms of the provisions of this Title for the protection of the beneficiary and, or the achievement of the obligation.