The Study Of Trust Beneficiary Pledge

Trust as a system of great plasticity, which has occupied an increasingly important role in China's economic development, along with banking, insurance, and securities is called'four financial pillars', and gradually reveals the state where the later comers surpass the formers. Trust beneficiary pledge is a frequent problem that has arisen in practice in recent years, and its legitimacy and operability problems have caused widespread concern. Trust beneficiary pledge business has been widely carried out in a number of trust companies, banks. The liquidity demand of trust beneficiary financing and financing requirements of the trust beneficiaries jointly promote the fermentation of the business. However, the lack of system design of legal level directly leads to the practical operation risk and academics frequent questioning and opposition. In the process of localization of the trust system, the controversy exists between the trust beneficiary connotation and extension. The viewpoints of Property Right Theory, the Theory of Creditor's Right and the Mixed Right Theory will cause the creditor's right to face the obstacles in flowability. According to the provision on pledge right in China's'security law','Property Law', the beneficial right of the trust can't wiped away the characteristic of'poverty'whether it has the poverty of creditor's right,the attribute of real right or directly list it as a mixed right just like stock right. And this characteristic is just the core requirements pledge of rights.'Guarantee Law'and'Property Law'both have taken'list plus reveal all' forms to stipulate the types of pledge rights. But nowadays new types of rights are not rare, the lagging of law is even more prominent. If all the rights that are not listed in laws are forbidden, it is bound to prevent the trust system functioning, reduce financial flexibility and maneuverability. From the practical point of view, in the current circumstances for the lack of trust shall pledge, certain risks do exist in the trust shall pledge, including the pledge recognized invalid, being difficult to realize the right of pledge, uncertainty of trust beneficial interest and so on. The existence of risks make the parties of pledge of beneficial right of trust face a severe test. Therefore, before the introduction of relevant systems, it is proposed that trust company and mortgagee of pledge financing design the deal structure rigorously, protect their legitimate rights and interests try to prevent the occurrence of risk. In 2015,'Trust Ordinance'was in a wide range of comments. Trust registration system and allowing trust companies trust shall pledge to register etc both mean the formation of trust shall mean Mortgage System. While designing supporting system, we can refer to the patterns which have been practiced and already more mature pledged accounts receivable and accounts pledge of export tax rebate system.