受益人

We treat our grantees as valued partners, and we treat the ultimate beneficiaries of our work with respect.

我们把我们的受益人当成重要的伙伴，我们给予我们工作的最终受益人尊重。

On the base of discussing the legal attributes of the beneficiary's cancellation, using for reference about the legislation experiences of England, America, Japan, Taiwan and so on, analyzing the shortages of the beneficiary's cancellation right in our trust law, and bringing forward some modification advices about the clause 2, clause 22, and clause 49 in our present trust law, in order to protect the beneficiary's benefits well and promote the trust industry's vigorous development in our country.

在探讨受益人撤销权的法律属性的基础上，借鉴英国、美国、日本、台湾等几个主要国家和地区关于受益人撤销权制度的立法经验，分析我国信托法中对受益人撤销权制度规定的不足，并提出对现行信托法第2条、第22条、第49条的修改建议，以期能更好的保护信托受益人的受益权，促进我国信托业的蓬勃发展。

Article 4 The term external guarantees used in these detailed rules refers to guarantees provided by institutions within the Chinese territory (hereinafter referred to as the guarantor) by way of producing guarantee letters, stand-by letters of credit, promissory notes, checks and drafts, mortgages by properties stipulated in Article 34 of the Guarantee Law of the PRC, hypothecation by moving properties according to provisions stipulated in Section 1 of Chapter 4 of the Guarantee Law of the PRC or by rights stipulated in Article 75 of Section 2 provided by institutions within the Chinese territory to institutions outside China or foreign-funded financial institutions inside China (creditors or beneficiaries, hereinafter referred to as the creditors) with the pledges that when the debtor (hereinafter referred to as the guaranteed) fails to repay the debts in line with the contract, the guarantors shall perform the obligations of payment or the creditors may put the mortgaged or hypothecated assets to auction according to the Guarantee Law and enjoy priority in getting compensations from the proceeds there-from.

第四条 《办法》所称对外担保，是指中国境内机构以保函、备用信用证、本票、汇票等形式出具对外保证，或者以《中华人民共和国担保法》中第三十四条规定的财产对外抵押或者以《担保法》第四章第一节规定的动产对外质押和第二节第七十五条规定的权利对外质押，向中国境外机构或者境内的外资金融机构（债权人或者受益人，以下称受益人）承诺，当债务人未按照合同约定履行义务时，由担保人履行义务；或者受益人依照《担保法》将抵押物或者质押物折价拍卖、变卖的价款优先受偿。

After a comparative law survey and analysis of scholars' opinions on this matter, I am convinced that the revocatory right refers to the right enjoyed by the beneficiary who can revoke the disposition so as to make it void, when the trustee, in breach of trust, disposes of the trust property.

经过比较法上的考察以及对学者关于信托受益人撤销权含义的见解的分析，本文认为，所谓信托受益人的撤销权系指在信托关系中，受托人违反信托目的处分信托财产的，受益人得撤销该处分行为使之归于无效的权利。

The author points out: Confidence is confidence in not man but system, humanity being vicious, a trustee must be restricted, duty restriction is not replaced by right regulation; Legal aim of restriction should be orientated at maximal benefit of beneficiary, in it, benefit subject is only beneficiary and doesn't included settlor and society, benefit content is physical but not spiritual; A bulk of restriction regulations are default-rule,but there are some mandatory rules, even if they are default-rule, they has mandatory character to some degree, therefore, the intention of settlor which precludes application of restriction regulation is restricted; Modern technique quality of restriction has trend of flexibility, this would be worthwhile approving because it can realize maximal benefit of beneficiary; Strict self-dealing rule doesn't accord with flexibility trend and should re-established.

本章认为，信任不是对人的信任而是对制度的信任，因人性恶的存在，必须对受托人施加约束，而义务约束则是规范中的权利不可替代的。有效约束的目标在于并应定位于受益人利益最大化，该目标的利益主体仅是受益人而不包括委托人和"社会"，利益内容是经济利益而不包括精神利益。本章还认为，约束规范虽然大部分是任意性规范，但也存在强制性规范，即使是任意性规范也具有一定的强制性品格，委托人随意排除的意思受到限制。本章还指出，现代义务约束趋向灵活化，这种技术品质更有利于实现受益人利益的最大化，因而值得肯定。严格的自我交易规则不符合灵活性趋势，应该加以重构。

For any second beneficiary that rejected the amendment, the transferred credit will remain unamended.

如果信用证转让给数名第二受益人，其中一名或多名第二受益人对信用证修改并不影响其对接受者而言该已转让信用证即被相应修改，而对拒绝改的第二受他第二受益人接受修改。

For any second beneficiary that rejected the a mendment, the transferred credit will remain unamended.

如果信用证转让给数名第二受益人，其中一名或多名第二受益人对信用证修改并不影响其他第二受益人接受修改。

For any second beneficiary that rejected the amendment, the transferred credit will remain unamended.

如果信用证被转让给一个以上的第二受益人，其中一个或多个第二受益人拒绝接受某个信用证修改并不影响其他第二受益人接受修改。

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。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。