| Our country started experimental work of credit securitization in 2005, credit securitization have popularized from experimented now. At this stage, securitization would break away from policy support, and applied in market competition rules step by step,the efficiency of investor protective begin to become the key factor ,which strengthen investor confidence and interest, and which build a healthy and flourishing market. Special purpose trust play an important role in securitization process, so it is necessary that control legal risk in SPT to keep securitization development. This article introduce the necessity and feasibility in law of building SPT firstly, analyze the legal issue of the SPT contract and trust property transfer standard , compared foreign correlation legislation, discuss SPT accordance with civil trust principle ,which from trust building, benefit security issuing, beneficiary employing rights and trustee's obligation, point out the problem that SPT work in the securitization process, and make advice. Additionally, securitization must ensure beneficiary right and interest. So, the article surround investor protect, evaluate success and failure in experiment stage, set up investor protective system in the future.
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