Legal Research On Circulation Of Trust Beneficiary Certificate

Trust beneficiary certificate is a legal document in recognition of beneficial right. According to the contents of, beneficiary can enjoy the trust interest. Beneficiary can turn the trust beneficiary certificate into cash and obtain economic profit by its circulation, which is circulation of beneficial right in nature. Beneficial right is a kind of transferred property rights, which was fitted by the Trust Law, while it was just a principle provision. In practice, there is not a standard platform of circulation, moreover trust contract as the main carrier which restricts the liquidity of beneficial right. In order to deal with the circulation of beneficial right and structure the circulation system in China, it is necessary to introducing the trust beneficiary certificates. From theoretical analysis, trust beneficiary certificate has characteristics with profitability, liquidity, risk and time-limit, and it is a security in nature. There are numerous different kinds of circulations, such as pledge, trust, market maker, trust distributors and exchange. Besides, it is important to describe the legal relationship of circulation of trust beneficiary certificates and make clear the regulations. And then from the institutional analysis, this dissertation structure the circulation system of trust beneficiary certificate in China from the distribution system, the qualifications of the assignee, the system of beneficiary account, the market making system, the system of trust distributors and so on.