2. The relationship between the delivery of trust property and the property rights system. The Trust Law stipulates that when establishing a trust, the relevant property rights should be "entrusted" to the trustee, who will act in his own name according to the will of the trustor for the benefit of the beneficiary or a specific

management or disposal for the purpose.

Therefore, the legal transfer of trust property rights is a prerequisite for the effective establishment of a trust.

So, how to determine that the trust property has been delivered in accordance with the law? The author believes that the determination rules must apply to the relevant systems of the Property Law, and at the same time, refer to the delivery system of the subject matter of the Contract Law.

In judicial practice, attention should be paid to the following aspects of legal application.

First, whether "usufruct rights" can be used as trust property. There is no clear provision in the Trust Law as to whether "usufruct rights" can be used as trust property.

The law only stipulates that there must be definite trust property to establish a trust, and the trust property must be the property legally owned by the trustor.

However, the Trust Law also stipulates that the property referred to in this law includes legal property rights.

Obviously, usufructuary rights, as an important property right, can be included in the legal scope of trust property.

Of course, when incorporating usufructuary rights into trust property, the relevant administrative licensing or approval systems should be followed.

For example, when trust investments are made in property rights such as land contract management rights, construction land use rights, and mineral property rights, in addition to complying with the Trust Law, they must also be subject to adjustments by the Property Rights Law, Contract Law, Administrative Licensing Law, and relevant separate laws.

Of course, not all forms of usufruct rights can be included in the scope of trust investment.

For example, homestead use rights and easements cannot become part of the trust property.

Although the former is the property right of a specific class of members of rural collective economic organizations, more importantly, the usufruct system is essentially a special social security system for farmers by the state, and is responsible for preventing land annexation and ensuring national stability.

Special features.

Therefore, the right to use homestead land obviously does not fall within the scope of trust investment.

Easement is essentially an extension of adjacent relationship rights. It is an easement burden rule that may only exist between specific real estate owners or holders of use rights. Of course, it cannot be included in the scope of trust investment property rights.

Second, the delivery rules of currency and chattel trusts. Currency is a special chattel, and its delivery form can be actual delivery, but more often it is delivered by financial means.

At the same time, it is not excluded that the delivery of currency trust chattels can also be in special forms such as bills and special seals.

What is special about the trust "movable property delivery" rules is that if trust investments in ships and aircraft are involved, although such property is movable, the real estate management rules should still apply, and the property rights should be transferred by registered delivery, otherwise no action can be taken against a bona fide third party.

Three people.

Third, the delivery rules and legal principles of property rights of real estate trusts. According to the provisions of the Trust Law, if the relevant laws and administrative regulations on trust property require registration procedures, the trust registration shall be carried out in accordance with the law.

"Trust registration" has two types of registration in judicial practice.

One is the transfer registration of trust property rights under the property law system; the other is the registration specifically for public disclosure of trust legal relationships, the main content of which is the public registration of trust beneficial rights.

Property rights managed according to the "registration" delivery system, in addition to the aforementioned special movable properties managed according to real estate rules, are mainly types of real estate ownership changes.

Since the Trust Law has clearly confirmed that a trust that is not registered will not be effective, real estate trust investments must undergo registration and delivery procedures, which is also an inherent requirement of the legal principle of property rights.

This rule governs both equity trusts and trust legal relationships of property rights in intellectual property rights.

The author believes that the original intention of this rule is that changes in the ownership of trust property that have not been registered will not be effective, but not that the trust agreement will not be effective or invalid.

Because the validity of the trust agreement should be determined in accordance with the relevant mandatory and validity provisions of the Trust Law and Contract Law, it has no direct correlation with whether the trust property is legally delivered.