Trust Law of the People's Republic of China
Trust Law of the People's Republic of China
Trust Law of the People's Republic of China
President Order [2001] No. 50
April 28, 2001
(Adopted at the 21st session of the Standing Committee of the 9th National People's Congress of 28 April, 2001)
The Trust Law of the People's Republic of China, which was adopted at the 21st session of the Standing Committee of the 9th National People's Congress of the People's Republic of China on 28 April, 2001, is hereby promulgated and shall come into effect from 1 October, 2001.
Jiang Zemin, President of the People's Republic of China
Contents
Chapter I General Provisions
Chapter II Creation of a Trust
Chapter III Trust Property
Chapter IV The Parties to a Trust
Section 1 The Trustor
Section 2 The Trustee
Section 3 The Beneficiary
Chapter V Modification in and Termination of a Trust
Chapter VI Charitable Trust
Chapter VII Supplementary Provisions
Chapter I General Provisions
Article 1 The Law is formulated for the purpose of regulating the trust relation, standardizing trust acts, protecting the lawful rights and interests of the parties to a trust and promoting the healthy development of the trust undertaking.
Article 2 For purposes of this Law, trust refers to that the trustor, based on his or her confidence in trustee, entrusts his or property rights to the trustee and allows the trustee to, according to the will of the trustor and in the name of the trustee, administer or dispose of such property in the interest of a beneficiary or for any intended purposes.
Article 55 After the attribution of the trust property is determined in accordance with the preceding
Article, the trust shall be deemed as existing and continuing during the process when the trust property is transferred to the person who has the right to own the property, and the person is deemed as the beneficiary.
Article 56 If a competent people's court enforces the original trust property in accordance with the provisions of Article 17 of the Law after the termination of the trust, the person who has the right to own the trust property is the person against whom the order is to be executed.
Article 57 After the termination of the trust, the trustee may, when exercising the rights to get remuneration and get compensation from the trust property in accordance with the provisions of the Law, retain the trust property or make claims to the person who has the right to own the trust property.
Article 58 The trustee shall make a liquidation report on the handling of the trust affairs if the trust terminates.
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