Studies On The Securitization Of Trust Property

Securitization is a new structured financing technology, it resolve the problems of liquidity crisis of bank and enterprise well. Trust Property Securitization is the results of applying trust law theory, but trust law is localisation when it is transplanted to mainland legal system, our national trust law is different from the common law system, and the trade relationship is so complex that there are some defect in our legislation and practice of Trust Property Securitization. So it is very significant about correctly securitization to apply trust law theory and civil law theory to clarify the basic logic , analyze the legal essence, correctly design the trade relationship.This paper is divided into three parts:The first part, introducing the basic theory of Trust Property Securitization. Firstly, based on the legal nature of asset pools and asset-backed securities, Securitization is transaction of rights and form-changing of rights. Secondly, clarify the trust law theory and civil law theory of Trust Property Securitization. Thirdly, analyze the law relationship of participants.The second part, analyzing the problems of Trust Property Securitization practice in our country. Based on the general situation, for example of JianYuan2005-1, analyze the problems of asset pools,basic logic,SPV,Originator and Supervision.The third part, analyzing the defects of Trust Property Securitization legislation in our country and providing consummates suggested. There are some defects such as basic logic,trustee right,bankruptcy -remote,investor protection in our legislation, provide some advices about legislation.