Abstract: The research is devoted to the analysis of practical and theoretical problems related to the question of ownership of rights and obligations arising from the conclusion of contracts by a person acting as a trustee. The article analyzes the prerequisites for the emergence of these problems, which can include: (1) the lack of a direct legal answer to the question of who is the party to the obligations arising from such agreements: the founder of the management or the trustee? (2) the specific legal regime of property held in trust, which consists in the fact that such property is endowed with the isolation characteristic of a legal entity. The problem of ownership of rights and obligations is analyzed by the example of situations in which the question of the side of the obligation arises directly and clearly: property obligations; lease relations; cases of changes in the figure of the trustee. The study is conducted, among other things, by analyzing current judicial practice, which addresses the above-mentioned problems. The scientific novelty of the study lies in the fact that it is the first detailed study of the problem of ownership of rights and obligations arising from contracts concluded in the process of trust management, which is based, among other things, on the analysis of current judicial practice. According to the results of the conducted research, legislative uncertainty on this issue is confirmed, and the lack of uniformity of judicial practice is also established. It is concluded that, from the point of view of the current positive law, a more correct solution would be to recognize that the rights and obligations under such agreements belong to the founder of the management (shareholders). At the same time, it is substantiated that the situational definition of the party to the obligation, which is currently taking place at the level of judicial practice, creates legal uncertainty for the participants in the turnover and does not allow for the predictability of legal regulation. It is pointed out that a possible solution to this problem may be the recognition of the legal personality of the property held in trust.