The more popular and widely used statutory trust derives its existence and is defined, governed, and regulated by statutes to which it must strictly conform. A common law trust arises from contract under common law, the right to which has been secured by the Constitution and established and upheld by the courts. Fiscal secrecy, privacy, is the hallmark of the common law business trust, and far from being illegal, it acts as a means to enable a citizen to exercise his lawful right to privacy . The privacy permitted the affairs of the trust is perhaps its greatest feature . Failure to exercise one's right to privacy is perhaps one's greatest mistake.
Lawyers study and practice law, which, for the most part, involves statutory law.
Do not expect the legal profession to promote UBTO's. Lawyers are not as monetarily advantaged as they are with wills and trusts. It is said that attorneys may sell or otherwise dispose of their wills and trusts to other attorneys by the linear foot. No attempt is made to suggest or imply that attorneys have no knowledge of common law or, in particular, of the common law unincorporated business trust organization. It is not that wills and statutory trusts have no value.