Trust originated in Britain, which we have discussed in previous questions. The development of trust in Britain has gone through a long process from honor to legalization. In this issue of Trust Private School, we will talk about the trilogy of trust in Britain.
Step 1 chattel trust property
/kloc-around the 0/3rd century, the "use" system appeared in Britain, which is the embryonic form of modern trust. The emergence and popularity of trust in Britain was closely related to the land system at that time.
At that time, people were very dependent on land, which was not only the basis of people's survival, but also the basis of wealth and status. There are too many feudal rights attached to land, which limits people's free transfer and inheritance of land. Therefore, people use trust to avoid the constraints of feudal system in order to better realize their wishes. At this time, the function of trust is relatively simple and its function is very limited.
After the first industrial revolution, agricultural civilization changed to industrial civilization, and the system restricting the free flow of land and other property was eliminated. The main form of wealth has changed from the original real estate such as land to movable property such as money, stocks and bonds. It is increasingly clear that the latter has stronger ability to create wealth and greater potential than land.
Therefore, more and more people use trusts and rely on professional trustees to manage and use their financial assets in order to realize the appreciation of wealth, and setting up trusts on movable property has become the main type of trusts.
But at this time, the trust has not yet embarked on the road of legal recognition.
The second step is that trust law becomes culture.
With the gradual penetration of trust design into all aspects of society, the management and operation of trust affairs are becoming more and more complicated. If the government wants to supervise the trustee and trust affairs, it must have clear and detailed trust norms.
With the exchange and integration of Anglo-American law system and civil law system, Britain realized the role of civil law system statute law, and learned from British trust legal system, and trust law began its culture.
The Trustee Law (1893) is the first written law to regulate the trust relationship in modern times, which mainly regulates the technical details of the trustee's disposition and transfer of trust property.
However, this law was later replaced by the Trustee Law 1925. 1925 "trustee law" is the most important written trust law in Britain, which comprehensively stipulates the basic aspects of trust relationship.
Later, the British Trust Law also explored charitable trusts. 1954 promulgated the law on the confirmation of charitable trusts, and 1972 promulgated the law on the association of charitable trustees.
The third step is that the trustee is a legal person and the trust is paid.
From the trustee's point of view, the development of British trust industry has experienced the process of "individual-official-elected individual-legal person". The earliest trust in Britain was undertaken by individuals, mainly dealing with private property affairs and public welfare affairs.
At that time, the trustees were often priests, lawyers and other people with higher social status. The trustee manages the trust property out of a sense of moral responsibility, regards the trust as an honor and does not receive remuneration.
After the industrial revolution, production advanced by leaps and bounds, and a large number of rich people appeared in Britain. With the monetization of assets, they have more requirements for the management and use of property.
As a result, the first private trust institution in Britain came into being, which is the London Trust Enforcement and Securities Insurance Company established in 1886.
Two years later, another trust, the London Legal Guarantee Trust Association, was established. This marks the development of trust in Britain from individual trust to corporate trust.
From 65438 to 0896, Britain promulgated the Judicial Trustee Act. The judicial trustee is the trustee appointed by the court. The judicial trustee has the status of a public official of the court. In any case, he should accept the management and supervision of the designated court as an official of the court. The court may give instructions on trust management, and the judicial trustee may communicate with the court on matters related to trust management.
From this time on, the trust embarked on the payment mechanism. The judicial trustee has the right to demand remuneration.
The judicial trustee system is regarded as an attempt to control the trust operation by the government.
Save an episode.
Due to the background of British colonial rule, going to war is the fate of most British soldiers, and setting up a trust has gradually become an inevitable choice for British soldiers.
1906, Britain promulgated the Law on Trustee of Public Companies. 1908, Britain established the Office of Trustee of Public Companies as a legal person to accept trust business with state funds, including managing small trust property, keeping valuable securities and important documents, and handling matters entrusted by wills or contracts.
British soldiers who are about to go to war choose public trustees to handle testamentary trusts. Although this method can be operated according to commercial principles and can be paid, because it is essentially a government agency, the public trustee does not aim at profit.