LA GESTION DE PROTEFEUILLE POUR AUTRUI ET LES DISPOSITIONS NOUVELLES DU CODE CIVIL DU QUEBEC

Authors

  • LISE I BEAUDOIN

Abstract

Bill 20, assented to on April 15, 1987, introduced into the Quebec Civil Code, inter alia, a new Title on the Administration of the Property of Others. This new Title proposes a dual conception of the act of administration : preservation and productivity of the property. Two restrictions are imposed: a legal list of investments, in some cases, and the standard of a prudent and reasonable person, in every case. Being convinced of the significance of the concept of "dette de valeur" and of the standard of prudence, the author suggests that the adoption of a "prudent portfolio management" rule would have been better suited to attain the normal growth in the value of a portfolio and would have avoided the codification of unjustified unequal treatment of various types of beneficiaries. The new provisions, taken together, show that the legislator failed to recognize changes in the substance of patrimonies in which incorporeal property is now of considerable economic value. The author attempts to give to this new Title the interpretation best suited to these changes in the composition of patrimonies, to modern economic reality, characterized by a constant decrease in the value of money, and to modern portfolio management practices.

Keywords:

Property Law

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Published

1989-09-01

Issue

Section

Legal Commentary