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A Discussion on the Trustee’s Duty of Loyalty

Author: LiuPeng
Tutor: GuMingAn
School: Southwestern University of Finance and Economics
Course: Law
Keywords: Trust Trustee of a trust Duty of loyalty
CLC: D912.28
Type: Master's thesis
Year: 2009
Downloads: 64
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Abstract

Following the common law trust system, China has been trying to make this system to maximize its efficacy. Trust system for the social development of the common law countries indelible exploits the same time, its security is since they arise has been concerned about the focus. Because the trust is a management and revenue phase separation design, have administrative powers of the trustee's behavior depends on the implementation of the beneficiaries of beneficial interest, coupled with the continuous expansion of the power of modern trustee of a trust, the trustee powers obligation to monitor becomes more important. The fiduciary duty of the trustee is the trustee of the beneficiary is the most fundamental nature of the obligations laid the basis of other powers and duties of the trustee. This article will trust trustee fiduciary duty are discussed. The full text is divided into five parts: The first part discusses the evolution of trust, the clear trust causes and the course of history, we can see the trust design Necessity of the Establishment of the duty of loyalty. Trust the emergence of the means to circumvent the law, but this circumvent the outset of the design of moral hazard. Trustee - the nominal owner of the property claimed that the property is his own or the sale of property, principal will conduct helpless, because the first gentleman's agreement between the client and the trustee, the trustee is totally dependent on the integrity character. Equitable intervention to force the trustee to perform the trust. It can be seen, the fiduciary duty of the trustee is a trust design containing requirements, and will become the focus of legal attention. The second part describes the trend of expansion of the power of modern trustee of a trust, to draw traditional trust law, the trustee power limit to protect the interests of the beneficiaries of the practice has long been outdated, modern trust will be the trustees of the core as the expansion of the powers of the trustee risk monitoring mechanism, the Trustee law to care (Care) and faithful (Loyalty) obligations as the main content. Then this paper, the meaning of the duty of care and duty of loyalty discussion focuses on trust trustee fiduciary duty. And the duty of loyalty is practicing the principle of single interest and the principle of the best interests of the elaboration and comparison, China should adopt the principle of a single interest. The third part is the moral duty of loyalty, the contract and the value of the safety, efficiency were analyzed. Description from different perspectives trustee fiduciary duty provisions of the deeper principle behind to help us better grasp in practice and understanding. Trust is the organic combination of property law and contract law, mandatory and arbitrary. The trustee's duty of loyalty to the value of safety and efficiency-oriented. Trustee of the duty of loyalty is the significance is that the parties to a trust to provide a fully trusted, safe and effective property management and disposition of the environment. Part IV discusses the specific content of the fiduciary duty of the trustee, the main part of the reference to trust law in the United Kingdom and the United States. This section discusses three levels: First, may not place itself in the position of conflict with the interests of the beneficiaries; Trustee shall not benefit from the trust; trustee in the process of trust affairs shall not be three pursue the interest. Part V discusses China's Trust Law on the content of the duty of loyalty, trust law and common law countries, China's Trust Law, the trustee system design mining summarized the general provisions, the specific content of the duty of loyalty is too simplistic. Pointed out that China's Trust Law Duty of Loyalty specification should be further supplemented and refined.

A Discussion on the Trustee’s Duty of Loyalty

Abstract

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