Obligations Of The Trustee In Trust Law

Trusts are unique vehicles of property separation that exemplify economic efficiency in modern-day wealth management. Originated from Britain and popularized in the US, trusts were adopted by countries under the civil law system and subsequently improved by the introduction of American and British trust laws.In 2001 our nation merged common law and civil law practices and issued Trust Law of The People's Republic of China. Notwithstanding the late start and the novelty of trust law, this dissertation chooses"trustee", the most important character in trust law, as the starting point for elaboration concerning the obligations of the trustee. This dissertation aims to compare the different obligations of"the trustee"in different countries, to analyze such differences from different perspectives, and, last but not least, to provide suggestions for perfecting the trust law in our countryThis dissertation consists of four parts. The first begins with the discussion of the history and the modern development of trusts and studies their unparallel allure, essence and merits. Then the author proceeds to analyze the changing role of the trustee and the transformation of related obligations from a historic perspective.The second part introduces the interpretations of the trust by the two law systems and includes the definitions and attributes of trusts as detailed in Convention On The Law Applicable To Trusts and On Their Recognition in 1985, which provided universal legal frameworks for countries under different law systems, solutions for disputes concerning trusts and succinct descriptions for trusteeship.The third part is the focal point of the whole dissertation. Through examining sections in common law concerning the obligations of the trustee and merging them with research concerning trust law in countries and regions under the civil law system (such as Japan, South Korea and Taiwan), the author addresses the main obligations of the trustee in detail and breaks them down into 5 categories: duty to manage trusts in accordance with trust arrangements, duty of prudence, duty of loyalty, duty of separate management and duty of direct management.The fourth part analyzes and reviews the obligations of the trustee in the Trust Law of our country. It attempts to point out the legislative inadequacy in trust law and to discuss ideas for perfecting the Trust Law of our nation.