Fiduciary duties without equity: how civil law systems achieve trust-like outcomes through statutory codification

Abstract When UK investors enter Latin American markets, they expect equitable remedies such as tracing or constructive trusts. Civil law systems achieve trust-like outcomes through statutory codification, not equity. This article compares the Honduran “fideicomiso” with the English trust, showing that while asset segregation is functionally equivalent, proprietary remedies are absent. It analyses regional divergence in Central America and examines their recognition under the Hague Convention and offers practitioners contractual techniques to bridge the enforcement gap. This article concludes that codification can substitute for conscience, but risk management must shift to regulatory oversight and precise drafting.