The characteristics of right trust first of all
Property rights must be measurable in terms of money. Trustee, entrusted by others, manages money on behalf of others. The purpose of trust and commercial trust is mainly to realize the management of property and the preservation and appreciation of property. The content of rights that can't be measured by money can't achieve this purpose of trust products, so it can't be used as trust property of rights products.
then
The client must have the right to dispose of property rights. The establishment of trust relationship is bound to be accompanied by the transfer of rights, which requires the client to have complete right to dispose of the property rights as trust property. This includes two aspects: first, the client must legally own the property right, which includes four powers: possession, use, income and disposal. Without ownership, there is no right to dispose of it. The trustor may not establish a trust with the property rights belonging to a third party. Second, property rights must be transferable. Pension creditor's rights, pension creditor's rights, pension claim rights and other property rights with personal specificity shall not be enforced according to law, and the client shall not dispose of them at will and shall not be used as trust property. Property rights agreed by the parties that cannot be transferred cannot be used as trust property.
once again
Rights must be real and concrete. The first paragraph of Article 7 of China's Trust Law stipulates: "To establish a trust, there must be certain trust property, which must be legally owned by the client." In the right trust, only certain property rights can be used as trust property, and the property rights must be specific when establishing the trust relationship.
take for example
Company A has the right to claim creditor's rights from Company B and Company C, and the patent right is * * * 3 million yuan. When setting up a rights trust, it must be clear whether to use creditor's rights or patent rights, rather than using the property rights of company A in general. After the right is established, it is necessary to clarify what kind of creditor's right and patent right it is.
To establish a rights trust, in addition to signing a contract between the client and the trustee, and the intention of both parties is true and valid, the transfer of property rights must also be handled. It should be noted that the transfer of some property rights requires the relevant trust registration procedures.
Classification of Right Trust Creditor's Rights Trust
Creditor's rights trust is a trust established for the purpose of managing, disposing and collecting creditor's rights. The principal is the creditor's right owner, the trustee is a trust institution, and the beneficiary is the creditor's right owner or other beneficiaries designated by the principal. Creditor's rights trust usually includes residential loan creditor's rights trust, life insurance creditor's rights trust and other types of creditor's rights trust.
The residential loan creditor's rights trust refers to an institution or bank specializing in residential loan business, which entrusts its unexpired residential loan creditor's rights to a trust institution for management, and the trust institution collects the loan principal and interest from the borrower and pays it to the beneficiary.
The life insurance creditor's rights trust is a trust behavior with the life insurance creditor's rights as the trust property, the insured as the principal and the trust institution as the beneficiary of the insurance money. When an insurance accident occurs, the trust institution receives the insurance money and delivers it to the beneficiary designated by the client, or manages and uses it for the benefit of the beneficiary according to the trust contract.
Due to historical reasons, many financial institutions and industrial and commercial enterprises in China have huge debts. The liquidation of these claims is time-consuming and labor-intensive, which seriously affects the normal operation of financial institutions and enterprises. The development of creditor's rights trust is of great significance for financial institutions and industrial and commercial enterprises to improve their assets and capital turnover efficiency.
In addition, with the real estate industry expected to become an important pillar industry to promote China's economic growth, housing loan finance business has great development prospects in China. The development of residential loan creditor's rights trust business is conducive to promoting the development of residential loan financial business and making the market prospect of residential loan creditor's rights trust business better.
In terms of obstacles, one of the important purposes of establishing a creditor's right trust is to obtain liquidity by transferring the beneficial right of the trust. If the transfer market of trust beneficial rights is not perfect, the liquidity of creditor's rights assets will encounter difficulties.
Guaranteed corporate bond trust
Corporate bond trust with guarantee is a trust business in which the issuer of corporate bonds is the principal, the security right on the physical assets of collateral or pledged rights assets issued by bonds is the trust property, and all investors, that is, creditors, are the beneficiaries, so that all creditors of corporate bonds can enjoy the same security rights in the future, and the security right of issuing corporate bonds is entrusted to a trust institution for management and use.
In the secured corporate bond trust, the trust institution, as the trustee, obtains the security right for all creditors of corporate bonds and manages and disposes of the collateral for all creditors (beneficiaries). If the principal pays the principal and interest of corporate bonds on time, the trust relationship will disappear, because the trust purpose has been achieved. If the trustor violates the trust contract, fails to perform the obligation of paying off the principal and interest of the bond, or delays the payment, the trust institution will exercise the right of guarantee, auction or sell the collateral, and pay off the debts of the enterprise with the auction price. Today, the integrity of China enterprises still needs to be strengthened. If the bond issuance can generally adopt the secured corporate bond trust method, it is of great significance to protect the interests of investors, standardize the corporate bond issuance market and rebuild the company's social reputation if the trust company represents the investor interest management's security right. The prospect of secured corporate bond trust business is promising, but whether it can develop rapidly depends on the support of management authorities in policies and systems.
Authorized trust
Voting trust, also known as management trust, is a trust established with shareholders (stock holders) of the company as clients, trust institutions as trustees, shareholders' voting rights as trust property and shareholders (stock holders) as beneficiaries of the trust network, with the main trust purpose of entrusting the trust company to manage and exercise shareholders' voting rights.
Voting trust was founded in the United States, its purpose is to protect the interests of minority shareholders and form a supervision and restriction mechanism for major shareholders. Through voting trust, the voting rights of minority shareholders with dispersed capital can be uniformly managed and used by trust institutions. After the establishment of the voting trust, the trust institution becomes the nominal shareholder of the issuing company, exercises the voting right, and can elect its own personnel to the board of directors and directly exercise the management right of the joint-stock company.
Due to historical reasons, the joint-stock companies in China have monopoly problems. The establishment of voting trust is of great significance to the establishment of modern enterprise system, the improvement of the governance structure of listed companies, the protection of the interests of small and medium investors and the healthy development of China's securities market. At present, the specific operation level of voting trust needs the active promotion of management at the policy and system level, and requires the coordination and concerted efforts of different management departments. There is still considerable room for the development of voting trust business in China, and the key lies in how trust companies carry out this business.
Patent trust
Patent trust is a kind of intellectual property trust, which means that the patentee entrusts his patent right to a trust institution for management, and the trust institution will transfer the patent right according to the trust contract, or invest in shares, or realize the commercialization of patent projects in other ways. The beneficiary of a patent trust is the patentee.
Through patent trust, firstly, it is beneficial to concentrate scattered patent rights in trust institutions, so that the individual behavior of patent transfer can be transformed into institutional functional behavior and social behavior, which is helpful to make up for the shortage of funds, market information and management promotion means of patentees. Trust institutions can take advantage of their financial institutions, introduce venture capital funds for patent transformation, realize the combination of financial capital and knowledge capital, promote the rational allocation of scientific and technological resources, and greatly improve the conversion rate of patented technology to production.
However, because the patented technology is professional and technical, involving many industrial fields, the talent structure of trust companies does not have the advantages of management promotion and patent management, and the market prospect of this business needs to be verified by practice.
securities trust
Securities trust refers to the trust behavior that the holders of stocks, government bonds, corporate bonds and other securities entrust their securities to trust institutions for management and application. The trust property of a securities trust is all kinds of securities. Securities trust can be divided into two types: managing securities trust and using securities trust.
Managing securities trust is a trust business with the purpose of securities management. After accepting the entrustment of customers, the trust company manages the following affairs for customers: ① custody of securities; (2) gain profits and wealth; ③ Go through the formalities of paying capital increase; (4) Notice of payment after subscription and winning of new shares; (5) exercising the right to vote; ⑥ Other transactions that should be handled.
The trustor who uses the securities trust not only entrusts the trust institution to manage its securities, but also entrusts the trust institution to use the securities to obtain benefits. The application methods include: ① securities lending business, that is, directly lending securities to a third party for mortgage loan or securities repurchase transactions, and the third party making other investments to earn income; (2) Interest and dividends are not distributed temporarily, but used repeatedly to form a combination of securities trust and monetary trust.
In recent years, China's securities have basically realized paperless, and the dividends of stocks, government bonds and corporate bonds are all electronically operated by exchanges and securities companies through computer networks. Securities companies have already launched the agency business of new share subscription and rights issue payment. Therefore, there is little room for the market development of China's securities trust.
Trust of income right
Income right is one of the four powers of ownership, and it is the right to obtain the benefits of things, including fruits and profits. There are many forms of usufructuary right, such as land usufructuary right, housing usufructuary right and equity usufructuary right.
Income right trust refers to the trust relationship established by the exerciser of income right transferring income right to the trustee. The exerciser of usufructuary right is the client, and usufructuary right is the trust property. The trustee shall manage and dispose of the right to income in accordance with the instructions of the trustor or the agreement in the trust contract.
equity trust
Equity trust is a trust established by the equity owner with the equity he holds as trust property. The trustor of the equity trust is the shareholder who holds the equity.
The purpose of the establishment of equity trust is diverse, mainly including:
1. Limited Company's share division and transfer led to the number of shareholders exceeding the provisions of the Company Law of People's Republic of China (PRC), and the equity was entrusted to the trust company through multiple principals, thus legally evading legal restrictions. This situation often occurs in the restructuring of state-owned enterprises and collective enterprises.
2. The actual transfer of equity through equity trust.
3. With the help of the social reputation of the trust company.
4. Ensure the security of the transaction.
5. financing.
6. As a risk control measure for financing.
7. Management buyout or employee buyout.
8. management.