On Legal Issues Of Trust Property Registration

The trust is the most widely used asset management method in Britain and the United States.Because of its independence of assets and the flexibility of the system,it has been continuously introduced by civil law countries and regions.The trust property registration system was created to resolve the conflict between the theory of dual property and the doctrine of one thing one right during the introduction of civil law countries.China also introduced the trust in 2001 and made abstract provisions on trust registration,but so far there is still no supporting trust registration system.Legislation adopts an evasive attitude towards the attribution of trust property.And the "delegated to" affects the independence of trust property from the truster.The "creditor’s rights-proprietary rights" theory should be adopted to define the relationship between the parties in the trust.That is,the trustee is the owner of trust property and beneficiary is the creditor.And this theory can ensure trust,an imported good from the common law,to find its unique position in civil law countries and guarantee the institutional value of trust.Regarding the scope of trust registration information,it should contain the trust property and trust legal relationship.Only in this way,it can not only protect the safety of transaction,but also protect the interests of the beneficiary.The information registered can be limited to avoid the searching burden because of the overly detailed registration information.China adopts the registration effectiveness.And the purpose of this model is to remind parties to register.However,if the parties set up a trust with the property that the law stipulates it must be registered to produce result,but the parties do not register.Even if the purpose of the trust has been achieved,it is still invalid.Generally speaking,public power should not interfere with the freedom of parties when it does not affect anyone’s interests.Because this behavior reveals the freedom of contract and does not interfere the order of market trading.It seems that registration antagonism can embody more freedom of meaning,and balance the freedom and the transaction security.However,considering the existing property registration,perhaps it would be more appropriate to formulate different effectiveness model of trust registration depending on the type of property.If the trust property is real estate,the registration effectiveness should be adopted.If it is special personal property such as vessel,the registration antagonism should be adopted.The registration authority is always inexistent.Actually,the parties often set up a trust by transferring or mortgaging property.But it will cause this problem that the nature of trust cannot be revealed.Regarding the specific setting of registration department,the model of registration window and handled internally should be adopted.At the same time,it is necessary to change the legal position of the registration window from regulation orientation to private law orientation.Anyway,the most important thing for trust practice in our country is to establish a trust registration department as soon as possible in order to meet the rising demand from the business trusts and civil trusts,and promote the implementation of the trust system.