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1Onthelegalsystemoftrust23456AbstractPrefaceTrustisanancientandtraditionalproperty-managingmethodandakindoflegalsysteminwesterncountries.While,inChina,thestudyontrusttheoryisunderdeveloped,andthelegislationoftrustisinsufficient,sothereisnolawtoabidebyintrustpracticeforovertwentyyears.Withthecontinuallydeepeningofouropen-policyandreform,theestablishmentand7perfectionofmarketeconomicsystem,especiallywhenwehavejoinedtheWorldTradeOrganization,therelativeeconomicandlegalsystemshavetobeinlinewiththeinternationalsystems.InApril,2001,TrustLawofPRCwaspromulgated,thatpeoplebegantoknowandusetrustgradually.Combininghomeandabroadtrustlegislationandmymore-than-ten-yearexperienceintrustpractice,Ihaveacomparativestudyonthelegalfeatures,functionaldesign,interestconflictsandlegaladjustmentoftrust,hopingtodoalittlehelptothetrustlawsystem.Section1.legalfeaturesoftrustPartAdefinitionoftrustAccordingtoTrustLawofPRC,trustisanactthatthetrustor,onthebasisoftrustonthetrustee,entrustthetrusteewithhisproperty,andthetrusteemanageordisposeofthepropertyfortheinterestofthebeneficiaryorforthespecificpurpose,ofthetrustor'swillandonhalfofthetrustee.Trusthasfourfeaturesingeneral.PartBseparationoftitleandinterestoftrustpropertyOncetrustisset,thetrustpropertygoesfromthetrustortothetrustee,andthetrusteehastherighttomanageanddisposeoftheproperty,whichiscallednominaltitleinBritishand8Americanlaw,andthebeneficiary'srighttoprofitiscalledsubstantivetitle.IntheEuropeanlawsystem,propertyrightincivillawincludespossession,use,profitanddispositionoftheproperty,sothereisnodifferencebetweennominaltitleandsubstantivetitle.TrustLawofPRCdoesnotprovidethattrustpropertybelongstothetrustee,butthatthetrusteejusthastherighttomanageanddisposeofthetrustproperty,whichisdifferentfromthepracticeinothercountries.Thefeaturetellsusthat,ontheonehand,thetrusteehasdispositionright,ontheotherhand,protectionofthebeneficiary'srightshouldbetakenfullconsideration.ItisagainstthefoundationalprinciplesandthelegislativepurposesofTrustLawtoemphasizeonlyontheonerespectortheother.PartCtheindependenceoftrustpropertyWhentrustissetvalidly,thetrustpropertydoesnotbelongtothetrustoranymore.Seeminglyitbelongstothetrustee,butthetrusteecannottakeincomeofthetrustproperty,sosubstantivelyitdoesnotbelongtothetrustee;thebeneficiaryhasincomeright,butnodispositionright,sothetrustpropertydoesnotbelongtothebeneficiary,either.Trustpropertyisindependent.Itrequiresthatthetrusteeshouldseparatestrictlytrustpropertyandhisown9propertyanddifferenttrustpropertiesaswell.Theindependenceoftrustpropertydeniesfoundationallyanyrecourseofthetrustor's,thetrustee'sorthebeneficiary'screditor.PartDlimitedliabilityofthetrusteeAslongasthetrusteefulfilhisdutyhonestlyandworthily,heshouldundertakelimitedliabilityonlywithinthevalueofthetrustproperty.Ontheonehand,thetrusteepaytheincomeofthetrusttothebeneficiarytothelimitofthetrustproperty;ontheotherhand,duringdealingwiththetrustbusiness,heshouldundertakeliabilitytothethirdpartytothelimitofthetrustproperty.Butifhebreaksthetrustordealswiththetrustbusinessimproperly,heshouldundertakeunlimitedliabilitywithhisownproperty.PartEcontinuityoftrustmanagementOncethetrustbecomeseffective,itwillnotbeaffectedbyovertakingofdifferenttrustees.Whenonetrustee'sdutyisterminated,anothernewtrusteewilltakeover,untiltheendofthetrust.ThecontinuityofPublicInterestTrustshowsinthecy-presdoctrine,thatis,whenthespecificpurposeofpublicinteresttrustisrealizedorcannotberealized,ifthetrustpropertygoestonobodyorgoestothepublic,thetrusteecanputthetrustpropertyintouseofpublicinterestpurposesaslikeaspossible.10Section2.classificationandfunctionoftrustTherearevarioustrusts.Accordingtotheirpurposes,thereareciviltrust,commercialtrustandpublicinteresttrustinourTrustLaw.Duetoitslegalfeatures,trustcandevelopwiththetimesallthetime.Ithasgrownfromthetraditionalpropertytransactionandmanagementmethodtoalegalsystemcoveringeveryrespectinsociallife.Inthelong-termprogram,trusthasmoreadvantagesthangiftandagency.Itcanbeputintousemoreflexibly.Trustcoversfromcivilfieldtocommercialfieldandpublicinterestbusiness.Eveninpoliticalfield,itcanbeused,forexample,BlindTrustinUSA,SunlightTrustinTaiwan,whichcanlessenthechancesofthatthegovernmentpolicy-makerstaketoharmthepublicinterestfortheirownprivateinterest.Section3.legaladjustmentoftrustTrustlawintheeverycountryprovidesthatthetrustpartieswithrightsandobligations,regulatingtheinnerandouterrelationship.PartATheadjustmentofinterestconflictbetweenthetrustorandthebeneficiary.Thelawmainlyrestricttheexpandingofthetrustee'sfreewill,suchasRuleagainstperpetuities,ruleofforbiddingimproperlysuspendingpassingoftitles,ruleagainstaccumulation.Lawdeclaresinvalidtothoseclausesthatrestrict11personalfreedomorfreedomofreligiousbelief.PartBTheadjustmentoftheinterestconflictbetweenthetrustorandthetrustee.TrustLawmainlyrestrictsthetrustee'sabuseofthepower.Ifthetrusteebreaksthetrust,thetrustorcandismissthetrustee,claimdamagesfromthetrustee,andaskthetrusteetorestoretheoriginalconditionofthetrustproperty.PartCTheadjustme