A developed understanding of the beneficiary’s interest in commercial trusts through a comparative study of Chinese law

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Abstract

Trusts have existed for centuries, while societies and economies have developed in the intervening years. This requires renovations, or new judicial interpretations, of the trust in order to adapt it to modern circumstances. Based a comparative study of Chinese trust law and a discussion about the theoretical basis for the research – the new role of trusts in a commercial context and the essence of the trust – the author provides a developed understanding of the beneficiary’s interest to adjust the traditional trust notions to meet the demands of commercial practices. She argues that a beneficiary’s right can be explained as a special personal claim consisting of three parts: the main claim (personal claims), appurtenant rights (rights of supervision), and security rights (rights of revocation). The theory of beneficiary’s special personal claim provides a more unified and comprehensive understanding of the nature of the beneficiary’s interest, in particularly in newly developed commercial trusts.
Original languageEnglish
Pages (from-to)343-357
JournalMaastricht Journal of European and Comparative Law
Volume27
Issue number3
Early online date19 May 2020
DOIs
Publication statusPublished - 1 Jun 2020

Keywords

  • trust law
  • comparative law
  • the nature of a beneficiary's interest
  • law and finance
  • rule of law

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