Research On The Legal Effect Of Trust Property Registration

As one of the pillar industries of the financial industry,although Chinese trust industry started late,it has developed rapidly in recent years and its scale has continued to grow,on the other hand,the fund trust occupies the mainstream."Trust Law of the People’s Republic of China" has been promulgated and implemented for more than 20 years,the social environment and the background of the times have undergone great changes,and the technical problems have been overcome.The financial market infrastructure and supporting laws and regulations serving the trust industry cannot suit the needs of the development of the trust industry,hinder financial innovation,increase transaction costs,and cannot guarantee transaction security.Among them,the trust property registration system is particularly serious,which affects the development of non-funded trusts and restricts the functioning of the trust system.Article 10 of "Trust Law of the People’s Republic of China" has made principle provisions on trust registration,which has become the most important legal source of this system.However,the meaning of this clause is unclear,there are many doubts about the nature and content of registration,and there is a lack of supporting laws and regulations,which cause difficulties in both theoretical research and practical operation,,especially the validity model of registration effectiveism has encountered more criticism and doubts.The functions of trust product registration and beneficial rights registration undertaken by China Trust Registration Co.,Ltd.mainly reflect administrative supervision and are misplaced with trust property registration.The rights and obligations of the subject of the trust legal relationship are uncertain,the independence of the trust property has not been implemented,and judicial disputes are frequent.The demand for the registration of trust property is objective.Under the background of the gradual improvement of the property rights registration system in our country,it is of great significance to improve the registration system of trust property and clarify the legal effect of registration for the stability of legal relations and to promote the rapid development of the trust industry.Chinese trust property registration system has multiple difficulties in rule design and practice.The "registration" stipulated in Article 10 of the Trust law of the People’s Republic of China is unclear in nature,the scope of property that must be registered is unclear,the rationality of the effective mode of registration is in doubt,and the trust property registration cannot be implemented,so it is in a situation that there are laws to follow and cannot be operated.For the specific construction path of the trust property registration system,there are disputes in the academic circles on the registration institution,registration content,registration procedure and other issues.On the other hand,the registration practice of China Trust Registration Co.,Ltd.could not meet the needs of the trust property registration system,the alternative measures failed,and disputes frequently occurred in practice.It is urgent to improve the trust property registration system and clarify the legal effect of registration.Firstly,clarify the nature and content of trust property registration and clarify the key links of system construction.Establish the rules that trust property belongs to the trustee.Due to the differences in functional positioning and registration content between trust property registration and property right registration,trust property registration is an independent type of property right registration.For the content of trust property registration,it is necessary to clarify the scope of property to be registered,reasonably balance the overall picture of trust legal relationship and the privacy characteristics of trust as a private interest behavior,and establish the connection mechanism between trust property registration and property right registration in China.For the internal legal effect of trust property registration,the effectiveness model of trust property registration needs to be revised.The registration effectiveness model has some disadvantages,such as excessive public power,excessive intervention in the private field and unable to meet the current practical needs.Learning from the experience of foreign mainstream countries and regions,China should also adopt the registration antagonism model.Registration should not be an important element for the establishment or effectiveness of a trust,so the effectiveness of trust property registration is mainly reflected in that after the trust property is registered,the independence of the trust property can be demonstrated,and the trust property is independent of the inherent property of the trustor,the trustee and the beneficiary,as well as other entrusted properties managed by the trustee.The absolute independence of trust property will have a violent conflict with the transaction security protection in practice.It is more important to analyze the type and reasonably determine the external legal effect of trust property registration.The appearance principle and transaction security protection principle emphasized by modern commercial law are the basis for the limited protection of the independence of trust property and the balance of interests of relevant subjects of trust legal relations.The trust property registration system will become the balancer of important relevant stakeholders.The author classifies the possible conflict situations from three aspects:the balance of interests between the trustor and the third party,the balance of interests between the trustee and the third party,and the balance of interests between the beneficiary and the third party,and analyzes whether to handle the trust property registration,how to affect the processing results and what function to play in these situations.