信托

Trust property,in the common sense,should undertake independent and limited liability for all its business activities.The institution of trust registration is to proclaim the confine of the liable property to the public,and so the registration is the premise of the establishment of such liability institutions.The content of the registration should be on the property easy to be ascertained.The efficacity of the registration is mainly about the proclaiming and defense to the public.

信托登记制度共有三项功能：一是对第三人的宣示功能，告知不特定公众存在有信托财产及由此可能与其产生特别法上的权利义务关系；二是在委托人、受托人和受益人之间确认信托关系的功能，登记这一程序导致这种法律关系非经法定程序不可否认和改变；三是在管理当局和信托当事人之间发生法律上的认可功能，视信托关系是否合法，予以登记或拒绝，以保护公众利益。

In cash payment, a TIC shall encash the entrusted property before the date of distribution or entrustment termination as stipulated in the entrustment contract （If there are public holidays at the moment, the encashment can be deferred accordingly）, and deposit the cash in the account designated by the entrustment document.

采取现金方式的，信托投资公司应当于信托合同规定的分配日前或者信托期满日前变现信托财产，并将现金存入信托文件指定的账户。

During the first phase, the conflict of law rules, scattering in the precedent cases of courts, appear rather complicated with the application of different choice of law rules to inter vivos trusts and testamentary trusts, trusts of movables and trusts of immovables, and the validity of trusts and the administration of trusts.

在前一阶段，法律适用规则分散在法院的判例之中，而且要区分生前信托和遗嘱信托、动产信托和不动产信托，信托的有效性事项和信托的管理事项等等，法律适用规则显得纷繁复杂。

In conclusion, from the perspective of institutional coordination, I rearrange the system of revocatory right as follows: When the trustee, in breach of trust, disposes of the trust property, the beneficiary is entitled to apply to the court for revoking his disposition; but when the trustee disposes of the trust property to a third party, it is only limited to that the third party either acquires the trust property gratuitously, or purchases it for value, but he knows of the breach of trust or does not know of its existence due to his gross negligence.

结论部分，本文从制度协调的视角对《中华人民共和国信托法》上的信托受益人撤销权制度进行了重新设计：受托人违反信托目的处分信托财产时，受益人可以申请法院撤销其处分；但受托人将信托财产处分给第三人的，仅限于该第三人为无偿受让或者虽非无偿受让，但第三人明知或者因重大过失不知受托人违反信托目的处分信托财产时适用之。

SABATTUS REGIONAL CREDIT UNION SELCO COMMUNITY CREDIT UNION SERVICES CREDIT UNION SERVICE CREDIT UNION SOUTHWEST CORPORATE FEDERAL CREDIT UNION SOUTH CAROLINA BANK AND TRUST, NATIONAL ASSOCIATION SOUTH CENTRAL SAVINGS BANK FSB SRP FEDERAL CREDIT UNION STAR PROCESSING INC. STATE BANK AND TRUST COMPANY STATE BANK OF SOUTHERN UTAH STATE EMPLOYEES CREDIT UNION STILLMAN BANCORP N.A. SUNCOAST SCHOOLS FEDERAL CREDIT UNION SUNTRUST BANK SUN COMMUNITY FEDERAL CREDIT UNION TARGET NATIONAL BANK TCM BANK, N.A. TELEPHONE WORKERS CREDIT UNION TESCO PERSONAL FINANCE LTD TEXAS BANK AND TRUST COMPANY THE BANK OF NEW GLARUS THE CREDIT UNION OF ALABAMA FEDERAL CREDIT UNION THE FARMERS BANK THE FIRST NATIONAL BANK OF MIFFLINTOWN THE FIRST NATIONAL BANK OF WYOMING THE GOLDEN 1 CREDIT UNION THE GOTHENBURG STATE BANK AND TRUST COMPANY THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND THE PADUCAH BANK AND TRUST COMPANY THE SOUTHERN FEDERAL CREDIT UNION THREE RIVERS FEDERAL CREDIT UNION TIB THE INDEPENDENT BANKERSBANK TONGASS FEDERAL CREDIT UNION TOOELE FEDERAL CREDIT UNION TOWN NORTH BANK, NATIONAL ASSOCIATION TRACY FEDERAL CREDIT UNION TRAVIS CREDIT UNION TRONA VALLEY COMMUNITY FEDERAL CREDIT UNION U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION, ND U.S. BANK NATIONAL ASSOCIATION UNION BANK, NATIONAL ASSOCIATION UNITED BANK, INC. USAA SAVINGS BANK U S POSTAL SERVICE FEDERAL CREDIT UNION VALLEY NATIONAL BANK VISIONS FEDERAL CREDIT UNION VISTA FEDERAL CREDIT UNION WACHOVIA BANK, NATIONAL ASSOCIATION WASHINGTON MUTUAL BANK WELLS FARGO BANK, NATIONAL ASSOCIATION WORLDS FOREMOST BANK

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This week, researchers from the pure Pew C haritible T rusts 皮尤慈善信托基金 predited that 3% of all hom e o w ners were be in for closh foreclosure in the next few years.

这个星期，皮尤慈善信托基金的研究人员预言3%的私有屋主在将来几年都丧失抵押赎回权。

Mainly from the point of neo-institutional economics, this paper expounds how to collocate the trust property right, reduce the transaction cost and improve the Trust efficiency and how to ensure that the trustees could manage and deal with the trust assets according to the settlors' wills in the Trust activities and discusses the questions of the trustees' prompting and the rational designs of the Trust contracts when Business Trust is becoming the mainstream of the Trust development, which is good for the indraught of the Trust system and the development of the Trust industry.

本文主要从新制度经济学视角，对信托活动中如何配置信托财产权利、降低交易成本、提高信托效率问题，以及如何保证受托人真正按照委托人的意愿管理和处分信托财产的问题进行分析和研究，并在商事信托成为信托发展的一大趋势的情况下，探讨受托人的激励问题与信托契约的合理设计问题，以此对我国信托制度的引进与信托业的发展进行有益的探索。

The author points out: trust property can be classified into trust propertyⅠand trust propertyⅡ, the front means property which is prerequirement of trust creation, and the latter means property which is in course of trust management; Property has classification of positive property and negative property, the protection mechanism of trust propertyⅠcan and do be prerequirement of positive property.

本章认为，信托财产可以划分为信托财产Ⅰ和信托财产Ⅱ，前者指信托设立要件意义上的信托财产，后者指信托管理过程中的信托财产。财产客观上存在积极财产和消极财产之分，作为信托财产Ⅰ，其提供给受益人的保障可以是而且应该是财产积极性的要求。

After the trust is established, if the trustor dies or disbands according to law, or is canceled or declared bankrupt according to law, and if the trustor is the only beneficiary, the trust shall terminate and the trust property shall be deemed as his heritage or liquidation property; if the trustor is not the only beneficiary, the trust shall continue to exist and the trust property shall not be deemed as his heritage or liquidation property; but if the trustor, as a joint beneficiary, dies or disbands according to law, or is canceled or declared bankrupt according to law, the beneficial right of the trust shall be deemed as his heritage or liquidation property.

设立信托后，委托人死亡或者依法解散、被依法撤销、被宣告破产时，委托人是唯一受益人的，信托终止，信托财产作为其遗产或者清算财产；委托人不是唯一受益人的，信托存续，信托财产不作为其遗产或者清算财产；但作为共同受益人的委托人死亡或者依法解散、被依法撤销、被宣告破产时，其信托受益权作为其遗产或者清算财产。

Its requirements are as follows: in principle, a person with capacity for rights could be identified as a beneficiary, and the beneficiary must enjoy certain beneficiary right, except as otherwise prohibited or limited by law. the trustee, in breach of trust, disposes of the trust property, but it does not require the detriment to the trust property and the trustee's fault. when the trustee disposes of the trust property to a third party, the Chinese trust law requires that the third party knows of the trustee's breach. In contrast, the logic which the rule of a bona fide purchaser in common law and the mechanism of trust publicity in civil law demonstrate seems to be more reasonable.

信托受益人撤销权的成立需具备以下要件：其一，原则上，具有民事权利能力的人都可以成为受益人，但法律有禁止性或限制性规定的除外，且受益人须享有确定的受益权；其二，受托人违反信托目的处分信托财产，但不以对信托财产造成了损失为必要，也不要求受托人主观上具有过错；其三，当受托人将信托财产处分给第三人时，《中华人民共和国信托法》要求该第三人明知受托人违反信托目的处分信托财产，相比之下，英美信托法中的&善意购买人&规则和大陆法系信托法中的信托公示制度所内含的逻辑似乎更为合理。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失