> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/legal-framework/luxembourg-securitisation-law-2004.md).

# Luxembourg Securitisation Law (2004)

T-Blocks Trio Fund is established under the Luxembourg law of 22 March 2004 on securitisation (Loi du 22 mars 2004 relative à la titrisation), as amended (the "Securitisation Law 2004").

The Securitisation Law 2004 provides a flexible legal framework for securitisation transactions in Luxembourg. It permits the creation of securitisation vehicles — either as companies (sociétés de titrisation) or as funds (fonds de titrisation) — that can acquire or assume risks relating to claims, receivables, assets, or the activities of third parties, and finance such acquisitions by issuing financial instruments whose value or return is linked to those risks.

Key features relevant to T-Blocks:

Compartmentalisation (Article 8). The law permits the creation of segregated compartments (SubFunds) within a single securitisation fund. Each compartment constitutes a separate estate with its own assets, liabilities, and creditor hierarchy. This ring-fencing is the legal foundation of T-Blocks' multi-issuance architecture.

Broad asset eligibility (Article 53 and following). The Fund may acquire or assume risks relating to any type of asset — movable or immovable, tangible or intangible — including claims, receivables, financial instruments, structured deposits, commodities, and participations. This permits the structuring of instruments linked to real estate, infrastructure, energy, private credit, fund NAV, and publicly listed equities.

Issuance flexibility. The Fund may issue units (co-ownership participations) and notes (debt instruments), and may contract loans. Under article 64, units, notes, and loans rank pari-passu unless otherwise provided.

Limited recourse and non-petition (Article 64). Investors and creditors of a SubFund agree not to petition for the bankruptcy, liquidation, or dissolution of the Fund, and not to seize assets allocated to any SubFund. This protection is a statutory feature of the law, not merely a contractual provision.

Tax neutrality. Luxembourg securitisation funds benefit from a favourable tax regime. The Fund is subject to Luxembourg corporate tax, but commitments undertaken vis-à-vis investors (distributions, interest on notes) are generally deductible, resulting in a minimal taxable base.