Research On Trust Property Right

Trust Law of PRC has been put into effect in October, 2001,which shows a legal system of adjusting trust has been set up in China. At the same time, Draft of Real Right Law of PRC and Draft of Civil Law of PRC were produced. Trust system comes from Common Law System. When trust system was introduced into China with tradition of Continental Law System, Conflicts came into being.The author studied the basic theories of Trust Property Right, in order to provide some help to trust legislation and trust practice.In trust law of Common Law System, the trustee holds legal title of trust property ,while the beneficiary holds equitable title of trust property. In trust law of Continental Law System, the trustee holds ownership of trust property, while the beneficiary holds trust-benefiting right, which is the general speaking.The author thinks that Trust Property Right has distinctive characters, as following: (1) Trust Property Right is a kind of property right, focused on property ;(2) Trust Property Right is a bundle of rights, which is assemble of dynamic rights that include Trust Managing Right, Trust Supervising Right and Trust Benefiting Right;(3) Trust Managing Right, Trust Supervising Right and Trust Benefiting Right are all property right;(4) Trust Property Right last during the period of trust;(5) The form of property right changed from ownership to trust property right during the period of trust.The author compared Trust Property Right with real right and obligatory right,and found that Trust Property Right is a new kind of property right, different from real right and obligatory right, and that Trust Property Right can not be analyzed and explained in the term of Continental Law System.The author thinks that Trust Property Right should be established in Civil Law of PRC. But there is no place of Trust Property Right in Draft of Civil Law of PRC, which only prescribed real right, obligatory right and intellectual property right.Therefore, The author suggested that there should be a general principle of property law to generally prescribe real right, obligatory right, intellectual property right, share right Trust Property Right and other property rights in Civil Law of PRC.