The concept of trust
Trust is a way of financial management, a special property management system and legal behavior, and also a financial system. Trust, banking, insurance and securities together constitute a modern financial system. Trust business is a legal act based on credit, which generally involves three parties, namely, the trustor, the trusted trustee and the beneficiary.
Taking the nature of trust property as the standard
Trust business is divided into monetary trust, chattel trust, real estate trust, securities trust and monetary credit trust.
(1) Monetary Trust
Monetary trust, also known as fund trust, means that the trust property transferred by the trustor to the trustee when the trust is established is currency, that is, monetary funds, and the trustee pays the beneficiary with monetary funds. After the termination of the trust, the trust property returned by the trustee is still monetary funds. During the period of monetary trust, the trustee may change the form of trust property in order to achieve the trust purpose, such as buying securities in cash or making other investments, but the trustee shall restore other forms of trust property into monetary funds when paying the beneficiary's trust income. Monetary trust is a common trust form in trust business in various countries. For example, Japan's monetary trust accounts for 90% of all trust property in Japan. According to the different ways of using funds, Japan's fund trusts can be divided into the following categories:
1, specific fund trust
Specific money trust means that the way and use of money in the trust are specified by the client, and the trustee can only use the trust property according to the purpose specified by the client. For example, the loan amount specified by the client must also specify the borrower, interest rate, term, amount and guarantee conditions in detail; If it is used to invest in securities, the variety, price and quantity of the securities shall be listed in detail. The trustee uses the trust property in full accordance with the purpose specified by the principal. In case of loss of the property in use, both the client and the beneficiary shall bear the responsibility. Investment trust is a kind of specific money trust.
2. Designated fund trust
In this form of trust, the client only specifies the main use direction of money, and the specific use mode is decided by the trustee. For example, the client only stated that the money would be used for the loan, but did not specify the specific object, interest rate and term of the loan, or requested to invest in securities, but did not specify the types and forms of securities. Designated fund trusts are divided into * * * designated fund trusts and individual designated fund trusts. * * * Joint use of the designated currency trust means that the trustee receives money in the same application form and scope, * * * makes joint investment, and the income is calculated uniformly. The final proceeds are distributed to the beneficiaries according to the proportion of each money, and the designated money is used by the trust alone. It means that the trustee opens a separate account for each client's money, each money is used independently, and each income is accounted for separately.
3. Non-designated currency trust
Non-designated money trust means that the client does not impose any restrictions on the way and scope of money use, but it is decided by the trustee. In order to protect interests
In the interests of the people, Japan has strictly restricted the scope of funds used by non-designated currency trusts in law, mainly for purchasing government bonds and loans guaranteed by government bonds.
There is another form of trust in Japan that is different from the above-mentioned money trust, namely? Money trust other than money trust? This form of trust means that the trust property transferred by the trustor to the trustee at the beginning of the trust is money, and the trustee delivers other forms of property to the beneficiary at the end of the trust. For example, the trustee invests the money in securities, and the trustee delivers the securities to the beneficiary at the end of the trust. If it is used for other investments, it will be delivered to the beneficiary in the form of other property.
In the trust business of trust institutions in China, monetary trust accounts for a relatively large proportion, mainly including trust loans, trust investment, entrusted loans, entrusted investment and other forms.
(2) Securities trust
Securities trust means that the client transfers securities as trust property to the trustee, who manages and uses them on his behalf. For example, entrust the trustee to collect dividends from securities, exercise relevant rights, such as voting rights of stocks, or rent securities, or obtain loans from banks with securities as collateral, and then lend them out to obtain income.
(3) Real estate trust
Real estate trust refers to the transfer of houses, land and other real estate by the client to the trustee, who manages and uses it on his behalf, such as maintaining and protecting real estate, renting houses and land, selling houses and land, etc.
(4) chattel trust
Chattel trust refers to a trust established with various chattels as trust property. Chattel covers a wide range, but in chattel trust, the chattel accepted by the trustee is mainly all kinds of machinery and equipment. The trustee is entrusted by the principal to manage and deal with the machinery and equipment, and in the process, it finances the principal, so the chattel trust has a strong financing function.
(5) Monetary credit trust
Monetary creditor's rights trust refers to the trust business with all kinds of monetary creditor's rights as trust property. Money creditor's rights refer to the right to ask others to pay a certain amount within a certain period of time, which is embodied in various creditor's rights certificates, such as bank deposit certificates, bills, insurance policies, IOUs, etc. After accepting all kinds of creditor's rights certificates transferred by the trustor, the trustee may collect money for him, manage and handle his creditor's rights, and manage and use the monetary funds obtained therefrom. For example, the life insurance trust handled by trust institutions in western countries belongs to monetary creditor's rights trust, that is, the client transfers his life insurance documents to the trustee, who is responsible for claiming insurance money from the insurance company after the death of the client and paying insurance money to the beneficiary.
Take the purpose of trust as the standard.
Trust can be divided into guarantee trust, management trust, handling trust and management and handling trust.
(1) Guarantee trust
Guarantee trust refers to a trust established for the purpose of ensuring the safety of trust property and protecting the legitimate rights and interests of the trustee. When the trustee accepts the guarantee trust business, the trustor transfers the trust property to the trustee. During the entrustment period, the trustee does not use the trust property to obtain income, but takes good care of the trust property to ensure its integrity. For example, a secured corporate bond trust is a kind of guarantee trust. Guaranteed corporate bond trust is a trust business widely carried out by trust institutions in western countries. It is set up by a trust institution to facilitate the issuance of corporate bonds and protect the interests of investors when the company issues corporate bonds. Issuing bonds is a way for enterprises to raise funds. When issuing bonds, enterprises must first solve a problem, that is, the custody of collateral.
(2) Trust management
Management trust refers to the trust established for the purpose of protecting the integrity of trust property and the present situation of trust property. Management here means not changing the original state and nature of property and maintaining its integrity. In trust management, trust property does not have the right of subrogation. If the trust property in the management trust is a house, then the trustee's duty is to maintain and protect the house and keep the original appearance of the house. In the meantime, the house can also be rented, but the house cannot be rebuilt. Where a management trust is established for movable property such as machinery and equipment, the trustee can rent the equipment to obtain rental income, but the movable property cannot be sold and cannot be replaced by other forms of property.
(3) Handling trust
Dealing with trust refers to the trust business that changes the nature and original state of trust property to realize the value-added of the property. When dealing with trust, trust property has the right of subrogation, that is, it can change the property, such as selling the property as a fund or buying securities. If a disposal trust is set up for the house, the trustee can sell the house in exchange for other forms of property. If a disposal trust is established for movable property, the trustee may sell the movable property.
(4) Managing and handling the trust
This form of trust includes two forms: management and handling. It is usually the trustee who manages the property first and then disposes of it. For example, a management and handling trust is set up for houses and equipment, and the trustee's duty is to rent out houses and equipment first, and then sell them. The ultimate goal of the client is to deal with the trust property. This form of trust is usually regarded by enterprises as a way of promotion and financing. When an enterprise sells goods with huge value such as houses and large equipment, it is difficult to sell the products with one-time payment. If installment payment is adopted, the enterprise cannot recover the cost in time. Enterprises set up management and handling trusts for these commodities, transfer the ownership of commodities to trust institutions, and trust institutions finance enterprises through various forms. In this way, the goods can be sold smoothly and the funds of the enterprise can be recovered smoothly.
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