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How many parties are involved in the trust business

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How many parties are involved in the trust business


        

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  • 2024-06-13 09:00:48

    The parties to a trust include the trustor, the trustee and the beneficiary.
    1. In the trust relationship, the trustor is the person who transfers the property or property rights, and the requirement is that he must have full civil capacity, which can be a natural person, a legal person or other legally established organizations.
    2. The trustee is the person who manages and disposes of the trust property, and does not enjoy any other income brought by the trust property except for the remuneration agreed in advance. Its requirements must be full civil capacity, which can be a natural person or a legal person, but different from the trustor, even other organizations established according to law cannot act as trustee, because the trustee needs to handle trust affairs in its own name and bear corresponding responsibilities and obligations.
    3. The beneficiary is the person who enjoys the right of trust income. Generally, no consideration needs to be paid for the obtained trust income. Therefore, in theory, any natural person, legal person or other legally established organization can be the beneficiary of the trust. However, in practice, in order to prevent money laundering and bribery, it is better for the beneficiary to have a blood relationship with the trustor in the trust of other interests. Scope of trust property:
    The specific scope of trust property is not specified in China, but it must be the legal property owned and transferable by the trustor. The property prohibited from circulation by laws and regulations cannot be regarded as trust property; The property whose circulation is restricted by laws and regulations can be used as trust property after being approved by the relevant competent court according to law. I hope the above information can help you. If you have other questions, you can consult a professional lawyer.
    Trust Law of the People's Republic of China
    Article 2? The term "trust" as used in this Law means that the trustor, based on his trust in the trustee, entrusts his property rights to the trustee, who, according to the wishes of the trustor, in his own name, manages or disposes of them for the interests of the beneficiaries or for specific purposes.
    Article 3? This Law is applicable to the trustor, trustee and beneficiary (hereinafter referred to as the parties to the trust) who conduct civil, business and public trust activities within the territory of the People's Republic of China.
    Article 4? The trustee shall engage in trust activities in the form of a trust institution, and the specific measures for its organization and management shall be formulated by the State Council.
    Article 5? When conducting trust activities, the parties to a trust must abide by laws and administrative regulations, follow the principles of voluntariness, fairness, honesty and credibility, and must not harm the interests of the state and the public.

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