Trust property refers to the property transferred by the trustor to the trustee through trust behavior, which is managed or disposed of by the trustee according to a certain trust purpose, and the property income obtained after management, application or disposition. Property prohibited from circulation by laws and administrative regulations shall not be used as trust property; Property whose circulation is restricted by laws and administrative regulations may be used as trust property after being approved by the relevant competent department according to law. Trust property includes funds, movable property, immovable property and other property rights.
Second, the conditions of the trust property
Trust property is the property that the trustee transfers to the trustee for management or disposal. Because the trust laws of various countries do not restrict the conditions of trust property in the overall sense, we can think that anything with property value can be used as trust property in principle, no matter what form it takes. Such as movable and immovable property, property rights and creditor's rights, securities such as stocks and bonds, and intellectual property rights such as patents, trademarks and copyrights. Personal rights, such as name rights, reputation rights, identity rights, etc. , cannot be used as trust properties because they have no property values. In countries where trust prevails, common trust properties are currency, real estate, movable property, marketable securities, intellectual property and other property rights.
In principle, except the property whose circulation is prohibited or restricted by laws and administrative regulations, anything with property value can become trust property. However, there are exceptions. The laws of some countries regard some trusts with specific identities as trustees. Clearly stipulate that its trust property is limited to certain types of property. For example, Article 4 of the Japanese Trust Law.
Article stipulates that a trust company shall not trust any property other than the following: (1) money; (2) Securities; (3) Money creditor's rights; (4) Movable property; (5) Land and its attachments; (6) The superficies and leaseholds of the land. Article 10 of the Trust Industry Law of South Korea stipulates that trust clubs may not accept property trusts other than the following items: (1) currency; (2) Securities; (3) Monetary creditor's rights; (4) Current assets; (5)
Land and buildings; (6) Property rights, inheritance rights, land lease rights, etc.
The property acquired by the trustee after accepting the trust is trust property, and the independence of the trust property determines its inherent property independent of the trustee. The inherent property of the trustee, in the trust law, refers to all the property owned by the trustee before the establishment of the trust legal relationship. There is no legal connection between the inherent property of the trustee and the legal relationship of the trust. In order to avoid confusion between trust property and trustee's inherent property, it is necessary to define the scope of trust property.
Three. What is the scope of trust property?
Determining the scope of trust property should be based on the trust documents directly. Trust laws in some countries regard trust documents as the basic evidence for the court to confirm the scope of trust property. For example, the American trust law holds that the court must focus on the relevant contents recorded in the trust documents when confirming the scope of trust property, and if necessary, it can also resort to the explanation of the above contents left by the trust parties in the documents, but this explanation cannot be a deductive description, otherwise it can only be confirmed by other evidence when necessary. The trust property determined according to the trust documents is the property transferred from the trustee to the trustee when the trust legal relationship is established, that is, the original trust property. During the existence of the trust legal relationship, the property acquired by the trustee due to the management and disposal of the trust property or other circumstances also belongs to the scope of the trust property. Specifically, it includes the following contents:
1. Property acquired by the trustee due to the management of trust property. The trustee has the right to manage the trust property according to law. If the trustee obtains certain income in the process of managing the trust property, the income also belongs to the trust property in nature. In this regard, the trust laws of common law countries and civil law countries have clear provisions. For example, according to American trust law, all rights and interests arising from real estate, movable property or money as trust property should be regarded as part of trust property. Article 19 of the Korean Trust Law and Article 14 of the Japanese Trust Law stipulate that the property acquired by the trustee as a result of managing the trust property belongs to the trust property.
2. Property acquired by the trustee as a result of disposing of the trust property. The trustee has the right to dispose of the trust property according to law. The property obtained by the trustee from disposing of the trust property still belongs to the trust property in nature. In this regard, the trust laws of common law countries and civil law countries also have clear provisions. For example, according to American trust law, as long as there are provisions in the trust documents, the proceeds from the sale of real estate or movable property as trust property will become part of the trust property even if the amount exceeds the estimated value of the above-mentioned sold property at the time of the establishment of the trust. Article 19 of the Korean Trust Law and Article 14 of the Japanese Trust Law stipulate that the property obtained by the trustee in disposing of the trust property belongs to the trust property.
3. Property acquired by the trustee due to the loss or damage of the trust property. During the existence of the trust legal relationship, the trustee has the obligation to protect the trust property. If the trust property is lost or damaged due to the fault of the trustee himself or a third party, the trustee shall compensate by himself or a third party. Property compensated by the trustee himself or a third party also belongs to trust property in nature. In this regard, the trust laws of civil law countries have clear provisions. For example, Article 19 of the Trust Law of South Korea and Article 14 of the Trust Law of Japan all stipulate that the property acquired by the trustee due to the loss or damage of the trust property belongs to the trust property. The trust law of common law countries also holds a positive attitude towards this. For example, Article 20 of the British Trustee Law stipulates that if the insured trust property is damaged or lost due to the behavior of a third party, the insurance money obtained by the trustee according to the insurance policy will become trust funds according to the purpose of granting the trust or property.
4. Property increased by the trustee. In the process of trust operation, the trustee may decide to invest his other property in the process of trust operation according to the special authorization of trust deed, so the added property belongs to trust property in nature. In this regard, the trust laws of common law countries have clear provisions. For example, the American trust law holds that if there are clauses in the trust document, the trustee has the right to modify the clauses of this document to increase the trust funds; The increased funds and securities are all part of the trust fund. In addition, even if there is no special authorization in trust deed, the trustee can invest his other property in the trust operation as long as it is agreed with the trustee. Because the additional property is agreed by the trustee and the trustee, the additional property is of course also trust property.