A Study On Fiduciary Duty Of Trust Trustees

Trust management system originated in Britain in common law countries,mainly developed gradually in common law countries.This system is a unique system of common law countries.It distinguishes and divides trust ownership in balance law and trust property ownership in general law.The core task of the trust legal system is to ensure the legal rights of the beneficiaries in the trust relationship and to maximize the benefits of the trust,such as it has always been the core issue that the trust law and system of our country need to pay more attention to ensure that the trustee in the trust management can exercise the trust rights well.Along with the deep development of economic globalization,the trust legal system began to spread to the Mainland legal system with its unique charm.In the trust legal relationship of our country,the most fundamental is the relationship between the trustee and the entrustment organization or the principal.However,the imbalance between the two and the asymmetry of obtaining information will bring some corresponding disputes.Although the trust system of our country has experienced twists and turns,it has also issued the Trust Law,which provides the legal support for the development of the trust system,but because of the differences between our country and the common law countries in many aspects,such as politics,economy and culture,there is no legal transplant in the process.The concept of clearly stipulating the fiduciary obligation of the trustee leads to the lack of strong support of the fiduciary concept in the Chinese trust system,and the lack of comprehensive understanding of the relevant knowledge of the trust in practice,which makes the development and application of China’s trust system relatively little.Throughout the current history of the development of the trust management system in China,we can clearly see that the relationship between the status of the trustee is not clear,and that the manager of the trust property,the trustee obligation,only stays in a stage of principle,and has ambiguity and inoperability.Such legislative phenomenon and situation have caused some erosion of trust assets.The illegal events of gold and property occur from time to time,and the relevant laws and regulations of this type of infringement of trust management are also lacking,and its justiciability is also very low,which has great limitations.Therefore,in order to deeply study the relevant theoretical system of the trust law,it is extremely important to improve the specific rules of the trustee’s fiduciary obligation.Based on the development of fiduciary system and the fiduciary obligation,such as the lack of specific standard of performance,the rules on prudent investment obligation,the manipulation between the trust assets and the trust property,the lack of relevant standards and the prohibition the rules are missing.By drawing lessons from the relevant provisions of the Anglo-American and Mainland legal systems,this paper puts forward some perfect measures in the aspects of the clarity of the concept of fiduciary duty,the perfection of the duty of caution and loyalty,and the supervision system of fiduciary duty,so as to further specify and refine the provisions of fiduciary duty and make it more operable in practice.