信托受托人谨慎投资义务研究

【作者】 金枝；

【导师】 王涌；

【作者基本信息】 中国政法大学 ， 民商法学， 2007， 硕士

【摘要】 随着经济的发展,社会财富形式的多元化,信托的功能逐渐从由脱法设计转向以投资获取最大利润为目的,受托人作为信托财产的实际经营者,在信托法律关系诸主体中,逐渐从消极的人头借用者转变为积极运行信托财产的管理者,受托人是维系信托诸主体的中枢,他决定信托财产投资的成效,主宰着信托的命运,所以信托立法应以其为重心。信托立法应明确规定受托人的谨慎投资义务,以便充分保护受益人的利益,并为受托人的经营管理留下必要的行为空间,塑造理想的管理人形象。由于我国《信托法》和相关管理办法未对受托人的谨慎投资义务加以明确规制,受益人的利益无法得到充分保障,现实生活中,受托人不谨慎甚至是违规的投资行为不仅使委托人和受益人的利益遭受损失,也影响了我国经济秩序的稳定,受托人谨慎投资义务制度的欠缺也影响了信托业的发展,因此本文从比较法、实证分析、历史分析等方面对受托人谨慎投资义务进行研究,以资今后立法借鉴。全文共分为四章。第一章导论:信托功能演变下的受托人谨慎投资义务。这一章内容分为两节,第一节是对信托功能研究,对信托功能从消极信托演变为积极信托进行了论述,同时对现代信托的特点进行了概括,并指出在信托功能演变背景下,受托人的谨慎投资义务作为现代信托的重要义务逐渐凸显。第二节对受托人的基本义务进行了研究,论述了受托人的基本义务从之前的忠实义务演变为忠实义务与谨慎投资义务并重,并将忠实义务与谨慎投资义务进行了比较。第二章受托人谨慎投资义务比较法考察。先是对信托受托人谨慎投资义务的内容和标准进行了概述,随后论述了英美法系的美国和英国的受托人谨慎投资义务的发展和演变以及大陆法系的日本、韩国、台湾地区信托法中受托人的注意义务。第三章谨慎投资义务规则的法律属性及受托人责任分析。第一节从交易成本视角论述了谨慎投资义务规则的法律属性并将其定性为任意性规定,论述了谨慎投资义务规则转化为信托合同条款的过程以及谨慎投资义务规则的任意法属性与信托关系的合同性基础。第二节对违反谨慎投资义务的法律责任进行了研究,先概述了英美法上违反谨慎投资义务的具体责任方式和大陆法上违反善管义务的具体责任方式、归责原则,接着对违反谨慎投资义务的责任性质进行研究,分别论述了英美法上对违反谨慎投资义务的责任定性和大陆法上对违反谨慎投资义务的责任定性问题。第四章我国信托法中受托人谨慎投资义务规定的述评与完善建议。第一节是关于我国信托法律中受托人的注意义务述评,指出我国信托法中有关受托人谨慎投资义务的规定缺乏具体规则和可操作性和立法体例缺乏合理性。第二节对中国信托受托人谨慎投资义务的完善进行了研究。指出可以从四个方面对受托人的谨慎投资义务进行完善,一是关于谨慎投资义务的内容与判断标准,二是保障受托人的权利,三是增加关于受托人的免责事由的规定,四是完善受托人责任的追究机制。更多还原

【Abstract】 With the development of the economy, there are multiple forms of social wealth, the function of the trust gradually turns to profit from investing the trust property, In the parts of the legal relationship of the trust, as the actual manager of the trust property, the trustee was once the negative holder, now he becomes the manager who has to operate the trust property actively, the trustee is the center of the trust, he decides the effective of the trust investment, dominate the fate of the trust, so he must be the core of the trust law. The trust law must definitely stipulate the prudent duty of investment of the trustee, so as to protect the beneficiary sufficiently, set aside the necessary space for the trustee to operate and manage, and mold the ideal manager. Because the prudent duty of the trustee is not definitely stipulated in the Trust Law of the Peoples Republic of China and related Administrative Rules, so the benefit of the beneficiary cannot be secured sufficiently, in the real life, not only the interests of the settler and the beneficiary are exposed to damage, but also our country’s economical order is influenced by the imprudent even illegal acts of the trustee. Besides, the development of the trust business is also influenced because of the want of the system of the trustee’s prudent duty of investment. So this article researches the trustee’s prudent duty of investment by the ways of comparative, illustration, historical analyze and so on, in order to use for reference.This article is divided into four chapters. Chapter One is introduction which topic is the trustee’s prudent duty of investment under the evolution of the trust’s function. This chapter is divided into two sections, the first section is the research on the trust’s function, it discusses the evolution of the trust’s function which began from the negative trust to the active trust, at the same time it has generalized the characteristics of the modern trust, and pointed out that in the background of the evolution of the trust’s function, the trustee’s prudent duty of investment has become more and more important. The second section is the research on the trustee’s basic duties, it specifies that the trustee’s basic duties evolve from the duty of loyalty to the duty of loyalty and the duty of prudent. Then these two duties have been compared.The topic of Chapter Two is a comparative study on the trustee’s prudent duty of investment. Firstly, it outlines the content and criterion of the trustee’s prudent duty of investment, then elaborates the development and evolution of the trustee’s prudent duty of investment in England and America which belong to the Anglo-American legal system, subsequently it introduces the trustee’s duty of care in the trust laws of Japan, Korea, and TaiWan which belong to the Civil Law system.The topic of Chapter Three is the analysis of the legal attribution of the rule of the prudent duty of investment and the trustee’s responsibility. The first section elaborates the legal attribution of the rule of the prudent duty of investment and this rule is qualified as the default rule, it subsequently specifies the course of how this rule changes into the article of the trust contract and the relationship between the rule of the trustee’s prudent duty which acts as a default rule and the contractual basis of the trust relationship. The second section is the investigation on the legal responsibility which caused by violating the prudent duty of investment, firstly it summarizes the specific modes of the responsibility and the principle of imputation in the Anglo-American legal system and the Civil law system, then it has analyzed the nature of the responsibility, separately discusses the responsibility’s qualifications in the Anglo-American legal system and the Civil law system.The topic of Chapter Four is expound, comment and advice of perfection on the regulation of the trustee’s prudent duty of investment. The first section are the expound and comment on the trustee’s duty of care in our country’s trust legislations, it points out that the trustee’s duty of care in our country’s trust legislations is short of the operational quality and the legal system is short of reasonability. The second section investigates on the perfection of the trustee’s prudent duty of investment. It has pointed out that we can perfect this duty from four aspects, the first are the content and criterion of the trustee’s prudent duty of investment, the second is the protection of the trustee’s rights, the third is addition of the causes of exclusion of the trustee, the fourth is the perfection of the system of investigation on the trustee’s responsibility.更多还原