Constructing The Trust Property Public Notice System Of Dual Structure

The independence of trust property is a distinctive feature of the trust system,from which many advantages such as bankruptcy isolation,limited liability and continuous existence are derived.In one aspect,trust property shows locking attribute,however,the contrary aspect shows hidden attribute,i.e.,a third party out of the internal trust relation cannot easily have access to such relation,thus resulting in transaction risks and costs.Therefore,the publicity of trust property is of necessity.The discussion on the differentiation of civil trust from commercial trust has been long,with “purpose theory,” “action theory,” and “trustee identity theory” being three representative viewpoints.Based on existing legislation and practical operation,this paper agrees with the “trustee identity theory.” By analyzing the different features between civil trust and commercial trust,this paper insist on the registration effectiveness in the field of civil trust,which is beneficial to the supervision of trustee,protection of transaction safety,and the spread of trust concept,while a more flexible way of publicity should be exercised in the field of commercial trust.By analyzing the equity tracking principle in common law,punitive default principle and informed principle,they resemble highly the revocation system of beneficiary,information disclosure obligations and the commercial appearance of trust companies.They are essentially the externalization of internal trust relations.Therefore,the basis for removal of register effectiveness exist.