Research On Legal Issues Of Transfer Of Trust Beneficial Right

As a special way to maximize property value,trust has played a huge role in improving investor returns and gathering funds to serve the real economy.The transfer of trust beneficiary rights is an indispensable link in the circulation of trust assets,which can effectively improve the efficiency of fund use and achieve the commercial purposes of all parties to the trust.However,there have been many disputes over the transfer of beneficial rights in my country in recent years,which reflects the shortcomings of the rules and related systems for the transfer of beneficial rights in my country,so it should be paid attention to.The legal nature of trust beneficiary rights is controversial,and there is no unified view.The real right theory holds that the beneficiary has the ownership of the trust property.The theory of creditor’s rights holds that the beneficiary only has the right to claim trust interests,but not the actual right to control the trust property.The theory of coexistence of real right and creditor’s right holds that the beneficiary enjoys both the real right and the creditor’s right to the trust property.The theory of special rights holds that trust beneficiary rights should be legally positioned as new types of rights,and the beneficiary rights cannot be compulsorily attributed to traditional civil law rights.This article believes that trust beneficiary right is a new type of civil right,not pure real right or creditor’s right,but a compound right similar to equity.Investigate the effectiveness of the transfer of trust beneficiary rights and grasp the standards for determining its effectiveness.The transfer of trust beneficiary rights can be divided into three types: "exit-type" trust beneficiary right transfer,"financing-type" trust beneficiary right transfer and "guarantee-type" trust beneficiary right transfer according to the purpose of the transfer.The transfer of "exit-type" trust beneficiary rights is the most common type of transfer.It is valid because it is a product of the parties’ autonomy and there are no invalidation requirements.Although the transfer of "financing" trust beneficiary rights is aimed at obtaining financing,it also meets the valid requirements of the law,and its legal effect should be affirmed.The fundamental purpose of the transfer of "guarantee-type" trust beneficiary rights is to protect the principal and the income,which violates the mandatory provisions of the law and causes the interests of the parties to be unbalanced,so it should be invalid.Clarify legal risks and grasp the deficiencies existing in the transfer of beneficial rights at the current stage.First,whether the relevant provisions on the transfer of beneficial rights are compliant.The restrictive provisions on natural persons in the current trust regulations(the split and transfer of beneficial rights are prohibited from taking over by natural persons)are in contradiction with the basic rights theory of civil subjects and the principle of autonomy of will.Second,there is a lack of specific transfer rules in the practice of transferring trust beneficiary rights,which easily leads to legal risks in the transaction.Third,the single form of trust information disclosure,lack of key markings,inconsistent information disclosure channels,and inconvenience for investors to obtain information will increase the transaction risk of the transfer of beneficial rights.Fourth,the trust registration system is imperfect and lacks operability regulations.Fifth,avoid the risks of financial supervision in the name of the transfer of trust beneficiary rights.Some entities appear to be the transfer of trust beneficiary rights,but in essence they are idling of funds,regulatory arbitrage,and transfer of beneficiary rights in the form of guaranteed principal and income,which can easily lead to financial risks.Therefore,it is necessary to grasp the legal risks of the transfer of beneficial rights,avoid risks,remove obstacles to development,and achieve sustainable development.Improve the legal rules on the transfer of beneficial rights and broaden the development direction of the trust industry.First,uniformly stipulate the effective constituent elements of the transfer of trust beneficiary rights.Second,clarify the status of the China Trust Registration Center as a functional institution and the effectiveness of trust registration,and improve the trust registration system from a legislative perspective.Third,optimize the trust beneficiary right transfer system,establish a market management system for the transfer of beneficiary rights,and establish a multi-level trust beneficiary right transfer trading market.Fourth,promote the formation of a unified information disclosure mechanism and build an authoritative information disclosure channel in the industry.Fifth,improve the trust supervision mechanism and establish a unified management system for trust beneficiary rights accounts.