On Special Purpose Trust
|School||Central South University|
|Course||Civil and Commercial Law|
|Keywords||purpose trust special purpose trust asset securitization|
Special purpose trust is a relatively small concept in the trust system, as its flexibility, many countries and regions have put the special purpose trust in the assets of the asset securitization legislation. Which there are quite a number of countries and regions put the purpose in specialized legal regulations of the asset securitization. Has a specific chapter on special purpose trust system. However, the special purpose trust assets mainly in the asset securitization, and it used less in the public trust. Special purpose trust is not for the assets of asset securitization in the field of proprietary. Just because of its unique nature of trust, create an illusion----it is no mention of special purpose trust soon to the asset securitization. It should be out of the narrow framework. The asset securitization in the special purpose trust is only a concept of the specific purpose. This paper analyzes the special purpose trust, and display the application in other fields of the special purpose trust. As the beneficiary is not exist, or creating a trust is not explicit initial. When trustee don’t know who should determine the beneficiary. Discretion of beneficiary give to the trustee in accordance with the principle of "three Determine principles ".When the beneficiary uncertain, it is invalid in the trust theory. However, special purpose trust is as the beneficiary is not exist, as long as there is a clear purpose of trust, Can also set up a trust. And it has been acknowledged in Japan law. To establish the conditions for the beneficiary in the specific purpose it should be effective.