The Research On Trust Property Publicity System

With the development of China's economic and the growth of people's financial needs, the status of the trust industry in China's financial industry has been elevating. Because of its unique flexibility and mobility, Trust has become an important financial tool in modern society. Born in Anglo-American legal system, due to special political and historical background, the trust property has developed an important feature of the independence. This feature safeguards the flexibility of the trust, but does not help to guarantee the transactions safety. So when civil law countries transplanted the trust, they created the trust property publicity system. The provisions of China's "Trust Law" on the publicity of the trust property is too crude to meet the developing needs of the trust industry ,which has already attracted the attention of financial regulators. So this study is aimed at establishing ideal trust property publicity system of China by theoretical analysis, historical analysis, empirical analysis and comparative analysis.This dissertation consists of three parts: introduction, the text and the conclusion, the following three chapters constitute the text:Chapter I: Theoretical Study of the trust property publicity system. The method of analysis for internal and external reasons and historical analysis method are used in this chapter. In this section the author firstly examine the intrinsic necessity of the trust property publicity system. Using historical analysis method, the author described the birth of the trust as well as its special political and historical background, and found the reason for the independence feature and limited liability of the trust property. Then on this basis, in-depth analysis of the characteristics of the independence of the trust property as well as the necessity of trust property publicity system in such feature-based theory of property rights under the civil law property system is made. Secondly, the external need for trust property publicity system is studied. From the Civil and Commercial Law perspective, trust property publicity system ensures the security of transaction and the honesty of the society. From the perspective of economic law, due to the need of economic efficiency and economic security in overall economic society, trust property publicity system is essential for modern trust industry.Chapter II: The analysis of the content of trust property publicity system. Through comparative analysis of both entities and procedural issues of the trust property publicity system at home and abroad, the specific content of the system is explored in this chapter. First, the substantive problem of the system mainly involved the registration owner of the trust property, publicity arrangement and the legal effect of publicity. This paper describes the different theories from the civil law and common law system about the owner of trust property .Then after confining the definition of trust property, the scope of trust property which should be publicized is studied in this chapter. When talking about the legal effect of publicity, two different modes are described in this article. Secondly, the procedural aspects of the system mainly related to publicity agencies, the applicant of publicity and publicity approaches. The "unified model" and "distributed model" are two different models of the trust property publicity agencies. And the trustee model, the beneficiaries models and common applications are three models of publicity applicants .The different methods for publicity such as register and earmark are discussed in this section.Chapter III: The reflection and improvement of China's trust property publicity system. Based on the aforementioned theoretical analysis and comparative analysis, the author separately discusses problems of China's trust property publicity system in both substantive and procedural angle and tries to improve them in response. First,in the substantive context, the ownership of trust property should be given to the trustees, and the registered ownership should also be given to trustee. And the characteristics of the trust property must be clearly defined, and the scope of the property which should be publicized must be expanded. Secondly, in the procedural aspects of legal relationship, I think the "uniform plus diffuse" mode should be adopted and the mode of applicants should be taken according to different property. When it comes to the publicity methods,different approaches should be utilized to adapt to different characteristics of the property. In addition, the author also discussed what documents to submit and when to apply for trust property publicity.