Research On The Independence Of Trust Property

In this new century, our country is busy perfecting our law system. The Draft of Civil Law of PRC and the Draft of Real Right Law of PRC have been focused on. Undoubtedly, the revision of the Constitution of PRC in this year will add many activities to both the Draft of Civil Law of PRC and the Draft of Real Right Law of PRC. From June 1st, the Law of Securities Investment Fund will take effect. Then under the leadership of the Trust Law, our trust system will be led to a legal road.The Trust Law is the production of the Common Law System, so it is really foreign to our own system. Therefore, it is our urgent duty to absorb its essence and consolidate its function. So the author studied trust property and emphasized its independence, and also hopes to perfect our trust law system.Trust property acts an important role in the trust legal relation. No trust property, no trust. During the existence of trust, if trust property disappears, the trust will also disappear. What is more, if the trustee cannot hold some legal title to manage trust property, he is only an agent. If so, the trust system has no difference to the bailment system. So the author believes that the independence of trust property must be the essence of the trust law and the basis for the function of the trust law.The independence of trust property means that during the whole existence of a certain trust, trust property is dependent from the testator, the trustee, the beneficiary and their creditors-. Meanwhile, the independence of trust law needs many other factors to develop and keep. And we cannot use the independence of trust property to damage others' legal rights. So how to keep its use and avoid its shortcomings is very important.The author discussed sufficiently the independence of trust property, and then gave an analysis of its values. Among its values, the author thinks that safety, efficiency and freedom are its most important values. The Trust Law of PRC does not give the trustee some important rights(including some title right as the Common Law System), maybe partly because of the factor of notion, but most importantly because of, the author guesses, consideration of safety. The author thinks that through the independence of trust property the market risk can be avoided by the specialty advantage of the trustee, and the moral risk can be avoided under the supervision of the testator and the beneficiary. For certain trust property, freedom and efficiency benefit each other. But the focus of trust property may results in trust. So in our future the Anti-trust Law, we must establish some rules.The independence of the trust property means that the trust property is dependent from the testator' own properties. And the most important of all, because the trust property is under the control of the trustee, is to set up a series of regulations to supervise the trustee. Besides, the independence of the trust property is not absolute. Under some circumstances, we should not obey this rule to protect others' benefits. Then the author gave an analysis of the values of the independence of the trust property. Among the values, the author thought that safety, efficiency and freedom are most important.The independence of the trust property can not be kept only through the Trust Law. What is more, the establishment of the trust institution in our country will undoubtedly face the Real Right Law, the Contract Law and the Tort Law. So the author analyzed the conflicts among these laws, and thought that we should correct our old notion of title and re-establish our registration system. And the author thought that we should make the trust property specific in the trust contract and we should maintain the independence of the trust property though the Tort Law.