> For the complete documentation index, see [llms.txt](https://docs.colb.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.colb.finance/investment-core-tech/illiquid-real-world-assets/legal.md).

# Legal

Legal Trust–Backed, Bankruptcy-Remote Token Structure

In the real world, Colb Tokens are issued by a legal Trust, a fiduciary structure that holds and manages the underlying assets in accordance with the Trust deed. This structure protects the assets backing the Colb Tokens and establishes a bankruptcy-remote framework, segregating the underlying assets from the operational risks of the technology provider.

A trustee is appointed to oversee the Trust and is bound by fiduciary duties and the Trust terms, ensuring proper governance and responsible asset management. Colb Tokens are structured in compliance with the Swiss Blockchain Act and qualify as ledger-based securities, granting holders on-chain rights and enforceable claims over the token rights, rather than mere contractual representations of RWAs.