On The Ownership Of The Trust Property

Trust system originated from the Anglo-American Equity Law, which serves as a propertymanagement system for the benefit of others. The property management system lies especially inthat, the property is managed to separate the disposition right form benefited right, transferringproperty and unique functions such as management, long-term planning property and socialpublic service, etc., extremely flexible in operation. In the Common Law System countries, trustlaw is widely used, almost covering every aspect of social life, spurring local economicdevelopment enormously. With the rapid development of the economic globalization, the CivilLaw System countries introduce the trust system one after another. Our country also issues"Trust Law" on April 2001. Trust Law of our country basically inherits the basic idea of theAnglo-American trust law, but in the trust property ownership question, like the Civil Lawsystem countries, without adopting"Dual Ownership " theory, but taking the attitude of avoidingit. How to decide the ownership of the trust property is very necessary, no matter in theory orpractice.This thesis tales the theory analytical method and historical analytical method, starting withthe history origin of trust law of the Common Law System, and analyzes the essence of thetrustee's legal title and the beneficiaries'equitable title, pointing out the trust property ownershipproblem can be explained and solved with the real right theory of the Civil Law clearly. It is alsodemonstrated that, the trustee's legal title is essentially the management disposition right, whichis a kind of the right of disposition of trust property. This is a new kind of the real right in theCivil Law. The equitable title of the beneficiary is the real ownership.There are about 33000 words in this thesis, besides preface, divided into four Chapters.Chapter 1: An introduction to trust and trust property. It mainly discusses the fundamentaltheories of trust and trust property. Firstly it introduces the basic concept, various functions andflexible presence of trust. It is trust's unique functions and flexibility that make it known to theworld. The trust property is the core of trust relationship. Trust property is the property that thesettler transfers through trust behaviors to the trustee who, in the light of the purpose of the trust,manages or disposes of the trust property for the benefit of the beneficiary. Trust propertyincludes: the trustee's trust property gained form the promise of trust; the trustee's property bymanaging or disposing the trust property; the trustee's property because of the loss of or damageto the trust property; the trustee's property resulting from other reasons, etc. Trust property islegally characterized by the separation of rights of management and beneficiary; independenceof trust property, the substitution and the chases of the property.Chapter 2: The conflicts between the theories of the trust property ownership of the two Lawsystems. According to the viewpoints of the Common Law System, the nature of trust lies in theseparation of ownership. In the Common Law System countries, the trustee is the nominal ownerof the trust property for the purpose of other's interest, and the beneficiary is the real owner whois entitled to the benefit from the trust property. The"Dual Ownership"is accepted without anyobjections in the Common Law System countries. However, it strongly impacts the"one thing,one right"principle of the Civil Law . In order to make the trust system acceptable in the CivilLaw System countries, the scholars in these countries, including the Chinese scholars madeprofound investigations focusing on the nature of trust. Following are some main viewpoints. This paper introduces and evaluates one by one those viewpoints, which are somewhatreasonable but not completely convincible. The divergence about this theory directly leads to theCivil Law System countries ' parry of"the trust property ownership"problem in the legislationof trust. Therefore, trust in the Civil Law System countries is not applied so widely andeffectively as that in the Common Law System countries.Chapter 3 : This chapter is mainly about the analyses of the ownership of the property trust law,which is the important part in this thesis. This chapter focus on the history origin of the"DualOwnership"theory, to explain and analyze the " Dual Ownership " of trust property, revealingthe trustee's legal title is essentially the management disposition right, which is a new kind of theproperty right for the Civil Law. The equitable title of the beneficiary is the real ownership.Chapter 4: The suggestion of our country trust legislation .Firstly, our country should reviseTrust Law, defining the ownership of the property of trust; secondly, confirming the restrictionon the right of the trustee's property management. Finally, Perfect the system of publicnotification for the trust property.