Breach Of The Pactum Fiduciae By A Trustee

• Law Firm: Orsingher Ortu ' Avvocati Associati
• Subject Matter: Litigation, Mediation & Arbitration, Court Procedure
• Author: Orsingher Ortu - Avvocati Associati
• Published date: 27 October 2023

On 15 June 2023, the Italian Supreme Court issued its judgement in case No. 17151 ruling that, in case of fiduciary custody (intestazione fiduciaria) of a quotaholding, even if implemented by means of a "chain" of several transfers to different intermediaries (natural persons or legal entities), the breach of the pactum fiduciaeby the last trustee - which, in the case, refuse to transfer the quotaholding back to the trustor - entails the obligation of intermediaries to compensate the damage thus caused to the trustor whose re-transfer right has been infringed. The failure to sue the last...