Liechtenstein
Liechtenstein is the only continental European country to have adopted and codified the common law trust. The Liechtenstein trust (‘Treuhänderschaft’) was codified in 1926 in the Law on Persons and Companies (‘PGR’) with clear inspiration from the English Trustee Act 1925. Some English common law rules have been enacted (eg the equitable rules on tracing (‘Spurfolge’; Art 912 (3) PGR, § 30 TrUG). In 1928 the Law regarding Trust Enterprises (abbreviated as ‘TrUG’) was passed. This law was modelled on the so-called Massachusetts Business Trust and inserted in the PGR as Art 932a and consists of 170 paragraphs.