The Research Of Secured Bond Trust

Secured bond trust is a trust system which means when a company issues secured bonds, it signs a trust indenture with a trustee and transfers the security interest to the trustee, and the trustee holds and exercises the security interest and fulfills other legal obligations for the interests of all bondholders. Secured bond trust is different from both systems of traditional security interest and traditional trust, which makes secured bond trust a system with lots of advantages. It can not only resolve the operability problems of secured bond, but also fulfill the essential goal of the protection of the interests of bondholders with the principle of the independence of trust property and the advantage of professional trustee.When making a general survey of the development histories of the system in America, Japan, Korea and Taiwan, we can find that every progress of the system in the above countries and area is closely connected with the clue of the protection of the interests of bondholders. The countries and area above are always trying their best to complete the system through the revolution of legislation and juridical practice, and to perfectly fulfill the essential goal of the protection of the interests of bondholders——which is a goal included in the system of secured bond, and to avoid the floaters to evade the safeguard mechanism of creditor's rights, which is security, by lots of ways.In order to show the general frame and specific details of the system, after the explanations of the development histories of the system from the vertical perspective, the writer tries to compare the legislations of America, Japan, Korea and Taiwan from the horizontal perspective, and to describe and evaluate the design of the system with 3 aspects: the establishment of secured bond trust, the obligations of the trustee and the rights and relief of the bondholders.At last, the writer analyzes the development situation of Mainland China with the description of the relative practice and legislation of Mainland China and gives several pieces of advice of the legislation mode and the problems which shall be paid attention to during the development of the system.