A Better Understanding Of Dual Ownership Of Trust Property And Its Introduction In China Through Comparative Studies
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Ownership of Trust Property in China
This book presents a hotly debated issue concerning the ownership of trust property in China. The book describes various conventional interpretations of Chinese Trust Law submitted by legal scholars and compares diverse approaches regarding the ownership of trust property provided by jurisdictions globally. The book does not directly answer the question “Who is the owner of trust property in China?” Instead, using a social capital perspective, it develops a more practical perspective to explain why Chinese trust business has grown rapidly even in lack of legal certainty regarding the location of ownership of trust property. The book also further predicts under what conditions is the time ripe to clarify the location of the ownership of trust property in China. By employing those sociological concepts often used to depict and analyze society, this book outlines the structure of the Chinese trust business and related social relations in different stages, i.e., the current rapid development stage, and the possible transitional stage in the near future. The focus is on how the social network structure affects the behavior of actors (such as the settlor, the trustee, and the beneficiaries, and/or their potential candidates) within the relevant section of Chinese society. The book provides readers with an intensive analysis of the impacts of historical, cultural, and social elements on the legislation and development of trust law in China. It will appeal both to lawyers interested in the Chinese trust business and to comparative law researchers and social scientists.
The Commercial Uses of Trusts
Author: Ruiqiao Zhang
language: en
Publisher: Bloomsbury Publishing
Release Date: 2024-10-31
This book provides a systematic and critical analysis of the role trusts play in modern commercial markets. Commercial trusts are complex and ever-evolving, and a reassessment of the traditional legal norms relating to them is much needed in order to provide new doctrinal insights. The book does just that: focusing on trusts in the UK, while drawing on developments in European jurisdictions and in China. It presents a thought-provoking assessment and a unified understanding of commercial trusts.
A Better Understanding of Dual Ownership of Trust Property and Its Introduction in China Through Comparative Studies
"A main characteristic of the common law trust is the concept of dual ownership. This concept establishes a distinction between a trustee's legal ownership of the assets of the trust and a beneficiary's equitable title to those same assets. In civilian systems, however, because ownership is considered absolute and indivisible, no similar division of legal and equitable title is possible. This difference in the conception of ownership between the civilian and common law systems raises great challenges in fitting the concept of trusts, into civilian systems such as China's.This thesis attempts to provide readers with a better understanding of the system of dual ownership of trust property. Through comparative studies, it discusses the best way that the trust can be incorporated in China. It argues that the concept of dual ownership is not an obstacle to the introduction of the trust in civilian jurisdictions. Using an analysis that focuses on comparing function, rather than form, the thesis argues that the key to understanding the interpretations of dual ownership in China is through an explanation that can be called the 'binary system of real rights and personal claims'. On this approach, the common law's legal ownership corresponds to a civilian trustee's unitary ownership in real rights, and the common law's equitable ownership corresponds to a special kind of personal claim." --