信托财产

After the end of trust , the possessor of trust property is accepter .

信托成立前，信托财产归属委托人所有，信托终止后，信托财产归财产接受人所有。

Then,how to define the right,obligation and liability of the trustor,trustee and trust beneficiary,which are all arising from the trust property,is discussed to demonstrate whether the separation of right due to the assignability of trust property and the rules to protect the trust property right based on the L.

在此基础上，对信托财产权在委托人、受托人及受益人之间围绕信托财产所产生的一系列权利、义务和责任应如何界定，由信托财产可转让性产生的权利分离以及我国信托法关于信托财产权的保护规则是否符合效率原则等问题进行了论证。

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。

In addition, emphasize the representation of such natures as independence and adscription in the structure of Business trust.

第四章：商业信托中信托财产地位的确认与投资人利益保护，因投资者利益的保护是商业信托规范的重点，然所有的规范也必须建筑于商业信托所固有的原理与特征之上，因此为保证本文的研究宗旨贯穿始终，从信托财产地位的确认这一角度，探讨法律制度对于投资人保护的规范。

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。

In the trust relationship, the trustee has the right to manage or dispose of the trust property, while the beneficiary has the right to benefit from the trust property.

在信托关系中，受托人对信托财产享有管理或处分的权利，受益人就信托财产则享有从中享受信托利益的权利。

IV I direct that all federal estate taxes and state inheritance or succession taxes payable upon or resulting from or by reason of my death (herein "Death Taxes") attributable to property which is part of the trust estate of the MICHAEL JACKSON FAMILY TRUST, including property which passes to said trust from my probate estate shall be paid by the Trustee of said trust in accordance with its terms.

四 本人直接，所有联邦遗产税和国家继承或继承税时应付或导致或因我的死亡由于财产是信托财产的麦可杰克森家庭信托基金，包括财产这些通行证，说从我的遗嘱信托财产应支付的受托人的信任，表示根据其职权。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。