It is well known that the English courts, or the king's courts, are common law, so the trustee is considered to be the full owner of the property and is not bound by anything.

Beneficiaries had only recourse to the king, the "source of justice", who in turn left these cases to his own privy councillor, the later "chancellors".

In the absence of a supply of secular common law, the Chancellor introduced "conscience and morality", which are the basis of free will in his judicial activities.

Specifically, in the case of "Baidi City Entrustment", it will be judged that the trustee accepts the entrustment of the client (Liu Bei) and delivers the benefits to the beneficiary according to the "conscience law", but does not perform the obligation, which is unreasonable.

Therefore, every time a petition is made for relief, a certain amount of relief will be given to the beneficiary.

As justices accumulate relief on individual cases, a system of equity law that is different from the common law has developed.

In the process of applying equity, the continuous deepening and accumulation has developed the legal system of "trust", so equity is called the mother of trusts.

The trust born from the development of equity is not limited to wills and land transfers, but forms a kind of settlor (= grantor) to transfer property rights to others (= trustee) in a "gentleman's agreement" and administer on their behalf.

It also stipulates a legal system for the management and use of property for others (= beneficiaries).

Although the original reason for its birth was to protect religious interests and circumvent the restrictions of the law, its object was limited to land.

However, it has gradually developed into a trust system, and its scope of application has also been gradually applied from individuals to families, and then gradually applied to various social relations and even public interests.

It also makes the trust different from the later development of the company, partnership and other systems, and becomes a completely different existence.

In fact, an example like "White Emperor City Tuogu" is a way to smoothly inherit wealth within the family in the UK.

More precisely, a trust is a trust that is created for the purpose of passing wealth on to a member (or a member) of the family.

Although the times have changed, such "family trusts" have continued to be used in modern times, and they are still in full bloom.

The formation and development of modern trusts is generally considered to be from the middle of the 17th century to the early 20th century, according to high school history textbooks, from "the germ of capitalism to the birth of a socialist state".

The types of property in the trust system, the purpose of the trust, and the way in which the property is disposed of have all changed dramatically.

In addition to the Renaissance and the Industrial Revolution, the New World was discovered because of the great development of navigation technology.

At this time, poetry and distance have been sublimated to an unprecedented realm.

In the tavern, we talked about the mountains and rivers of the New World, and the strange things that Kan Kan had never seen, and the feelings of "although I can't go, my heart yearns for it" linger in Europe.

Later, it was natural to say, "The world is so spicy, don't you want to go to sea to see it?" Such an advertising slogan.

It's the same as the recent launch of a certain brand of mobile phone that can properly murder your kidneys, inducing adventure mania syndrome in a moment, and it spreads very quickly.

So the hearts of all the European people have returned to that era of great adventure, ready to move, they all want to go, even if they resign.

But to explore the New World is to cross the Atlantic, not to visit the park, but to go out to sea for a long time.

And those who have experienced all kinds of winds and waves, and there are also aboriginal friends who are hot () good (ji) guests (e), it is uncertain whether it is a few years or a few months.

What about the orphans and widows in the family, you can't please ask the king next door, right?

Coupled with the ancestral industry, you still have to find a reliable person to deal with it, right? As a result, trusts are becoming more and more widely used.

However, the trustee in the general civil trust relationship is not good at financial management, and it is inconvenient for a natural person to be born, old, sick and die.

With the advent of the company system, a legal person trust institution specializing in trust business was created.

Compared with traditional trusts in the past, firstly, for the settlor, there is a greater range of freedom of choice when choosing a trustee, and it is stable and not limited by the term of the trust;

Second, for institutional trustees, a whole new industry and market are unfolding.

Third, for the original individual trustee, he can join the legal entity as a person with professional knowledge and skills, which is conducive to the deepening development of the industry.

In the middle of the 16th century, English adventurers saw the success of the maritime trade between Portugal and Spain and thought of trying it themselves.

However, Britain was initially involved in Atlantic trade by the private sector, rather than being "state-owned" by the royal family.

So the capital needed for the risk still has to be financed from the private sector, and a lot of money is needed every time it goes to sea, so what can be done?

One way to do this is to further subdivide the shares of the trading company so that a large number of people can subscribe to them.

And according to the experience at that time, the sea trade was very risky, and the time span was also very long, in addition to going to the Americas, it took more than two years to sail to China and India.

There will also be cases of ship sinking and casualties in shipwrecks, so the liability of shareholders must be limited in order to achieve the economic effect of "small risk per capita and high risk overall".

Another way is to supplement the financing project with trusts in addition to the banking industry and bond financing (the UK has the most complete bond financing system in the world).

Think about it, those civil trusts concentrate a lot of wealth, but these are "dead", as long as the money is turned into assets through operation, a large amount of funds can be raised from the private sector.

Anyway, spare money is also idle, so it is better to concentrate it and subscribe for shares, and the return of marine trade is very rich.

Driven by the spirit of adventure, those professional institutions that deal with trusts have also changed from civil trusts to commercial trusts, and further produced trusts for the purpose of profit, which also marks the real appearance of trusts as one of the four pillars of modern finance.

Although the trust system originated in the United Kingdom, the widespread application of commercial trusts occurred in ugly countries.

At first, the development of trusts was to supplement banking and bond financing, and in the case of ugly countries, it was used as a supplement to securities and insurance.

The operating trust business of Chouguo can be traced back to the 2-30s of the 19th century, and the New York Agricultural Fire Insurance Loan Company, which was established in 1822, was later renamed the Farmers' Loan Trust and Investment Company, which was the first trust and investment company.

It can be said that the modern trust company originated from insurance, and the trust and wealth management products of the company system were first sold to the public through insurance salesmen, and finally separated from the insurance industry.

The types of trust property have changed a lot in modern times.

The form of property has changed from land-based to diversified, and all kinds of immovable property, movable property, and negotiable securities can constitute trust property and be handed over to the trustee for management and use.

There are various models of trust institutions engaged in the trust industry, and the trustees who deal with trust affairs have changed from gratuitous to paid, and have become contractualized, forming an industry and building a new capital market.

There has been a dramatic change in the way trustees manage trust property.

From the original testamentary trust or proxy guardian, it has developed to not only manage, but also to dispose of and use the trust property according to the settlor's wishes, with the purpose of preserving or increasing the value of wealth.

Modern trusts have been fully developed after World War II, especially after the 70s of the 20th century.

Because whether it is in peacetime or wartime, in the period of economic development, or in the period of downturn or recession, the trust can be charmed and widely used with its unique system design.

This has not only enabled the development of the trust industry itself, but also developed various new forms, such as commercial trusts and charitable trusts.

Moreover, with the extension of the financial system and capital market, the use of trust can realize the appreciation and redistribution of social wealth, guide the flow of funds and promote economic development.

Modern trusts have the functions of property management and inheritance.

Of course, this is also the most basic function of the trust, and other functions of the trust can be said to be derived from this.

For example, the property management function of the "Nobel Fund" trust is concentrated in its equity reconstruction function, which is the core.

Through the trust, the settlor can transfer all or part of his own property rights to the trustee, so that the trust property can obtain an independent legal status, for example, when the company is liquidated, the trust property has the effect of bankruptcy isolation;

At the same time, the separability and liquidity of trust beneficiary rights enable financial innovation in trust products, such as asset securitization.

Therefore, the trust can realize the management of collective assets and guide the social wealth to be more reasonable and effective. jújíá?y.?? m

The function of trust inheritance is more obvious, such as the well-known "rich no more than three generations", such a situation also appears in Western countries, it can be seen that the "loser" is also cross-border, so it is very necessary to set up a trust for family wealth.

For example, because of marriage, wealth is divided, and there is a situation where both losses occur.

Especially for listed companies, a failed marriage can directly lead to a significant reduction in assets and serious losses to the company, and the use of the isolation function of the trust can well avoid and prevent such risks.

The establishment of testamentary trusts and estate management trusts can not only be passed on to the next generation, but also distribute wealth inside and outside the family, so that the settlor's wealth can be passed on forever through the trust.

Of course, trust is also a financial product in nature, and naturally has investment and financing functions.

After the industrialization of Britain in the 19th century, the investment and financing function of trusts was gradually revealed, and trust funds were widely used.

Use trusts to raise funds, establish various trust funds, and rationally allocate funds in the form of investments or loans, such as railways, infrastructure construction, high-tech development projects, etc.

As a result, trust projects with medium and long-term investment and financing functions have gradually been formed, which are reflected in securities investment, emerging industry investment, venture capital and venture capital.

Financing through trust institutions in the form of collective funds is an effective supplement to direct financing (IPO, bond issuance, etc.) and indirect financing (bank loans, financial leasing), which can further realize the rational allocation of resources and optimize the investment and financing structure.

The first feature of a trust is the separation of rights and interests - the settlor entrusts his own property to the trustee for a certain trust purpose and establishes a trust.

This part of the property will be separated from the inherent property of the settlor and transferred to the name of the trustee to become trust property, and the owner of the trust property will become the trustee and no longer belong to the settlor.

Probably means that Liu Bei, the president of the Shu Group, transferred a part of the property to Zhuge Liang's name, and then signed an agreement with Zhuge Liang, requiring him to manage the money according to his own agreement.

The purpose is to keep a share of income for his son Liu Chan, in which the property belongs to the trustee, but the future principal and beneficiary rights belong to Liu Chan, which is the separation of trust.

For example, if a stock is bought with the simplest monetary trust property, the market value and appreciation of the stock remain under the control of the trustee, and the beneficiary has the right to claim the delivery of the benefit in accordance with the trust agreement.

The second feature is the independence of the trust property – independence is easy to understand after understanding the separation.

When the settlor transfers the inherent property to the trustee, it becomes trust property, and the separation is formed by appointing beneficiaries, and the key is to transfer ownership.

For example, in the marriage of Wendy Deng and Murdoch, Murdoch's assets in News Corporation and 21st Century Fox were firmly in the hands of him and his four children through a trust, and a fund trust worth $8.7 million was set up, and the designated beneficiaries were his and Wendi Deng's children.

Then, through the prenuptial property agreement, a very complete family wealth inheritance structure was set up - Murdoch, the two ex-wives, Wendy Deng and a total of six children were independent of each other in terms of property, forming a "property segregation".

Therefore, Wendi Deng could not get his hands on Murdoch's family wealth through marriage.

This is the significance of the establishment of trusts by "high-net-worth individuals" derived from family trusts.

However, the independence of a trust is only half described.

In fact, the trust property is not only independent of the inherent property of the settlor, but also independent of the beneficiary, and independent of the trustee.

For example, I just said that Liu Bei took it to set up a trust, so when the Shu Group went bankrupt, this money was transferred to Zhuge Liang and became trust property, so it could not be used as the property of bankruptcy liquidation, and the income generated could not be attributed to it, because the right to income belonged to Liu Chan.

At the same time, Zhuge Liang will have corresponding claims and debts when managing and using trust property, but they cannot be confused with the claims and debts generated by his own property, and they are also independent and cannot offset each other;

Similarly, if the debt arising from the use of trust property is repaid with trust property, the scope is also limited to this, and the trustee does not have to pay off with his own property.

The period from the establishment to the termination of the trust, that is, the duration of the trust, is generally decided or agreed upon by the parties to the trust, as long as the purpose of the trust is not realized or disappeared, the need for benefits exists, and the trust property is not consumed, the trust will still exist.

The most typical example is the "Nobel Prize".

This is part of the legacy of Nobel, the famous Swedish chemist and inventor of nitroglycerin explosives.

Founded in 1900 according to his will, the original intention was to "turn my property into a fund, and use the interest of this fund as a prize each year to reward those who have made outstanding contributions to mankind in the previous year." ”

Beginning in 1901, the fund was awarded to people in the world who have made significant contributions to humanity in the five fields of physics, chemistry, physiology or medicine, literature, and peace (the Economics Prize was added in 1969) with annual interest or investment income from the fund, and it has been a trust for more than 100 years.

"Brother Shen!"

"Hmm!"

Shen Changqing walked on the road, and when he met someone he knew well, he would say hello to each other or nod his head.

But it doesn't matter who it is.

There was no superfluous expression on everyone's face, as if they were very indifferent to everything.

on this.

Shen Changqing is used to it.

Because this is the Demon Suppression Division, it is an institution that maintains the stability of Great Qin, and its main responsibility is to kill demons and monsters, and of course there are some other side jobs.

Arguably.

In the Demon Suppression Division, everyone has a lot of blood on their hands.

When a person is accustomed to seeing life and death, then he will become indifferent to many things.

When he first came to this world, Shen Changqing was a little uncomfortable, but over time he got used to it.

The Demon Suppression Division is huge.

The people who can stay in the Demon Suppression Division are all powerful masters, or people who have the potential to become masters.

Shen Changqing belongs to the latter.

Among them, the Demon Suppression Division is divided into two professions, one is the town guard and the other is the demon exterminator.

Anyone who enters the Demon Suppression Division starts with the lowest level of demon slayer.

Then step by step, he is expected to become a town guard.

Shen Changqing's predecessor was a trainee demon slayer in the Demon Suppression Division, and he was also the lowest level of the demon slayer envoys.

Have memories of the predecessor.

He is also very familiar with the environment of the Demon Suppression Division.

It didn't take long for Shen Changqing to stop in front of an attic.

Unlike other places full of slaughter, the attic here seems to stand out from the crowd, and in the bloody Demon Suppression Division, it presents a different tranquility.

At this time, the attic door is open, and there are occasional people entering and exiting.

Shen Changqing only hesitated for a moment, and then stepped in.

Access to the attic.

The environment has changed in vain.

A burst of ink fragrance mixed with the faint smell of blood came to his face, making his brow furrow instinctively, but quickly stretched.

The smell of blood on everyone's body in the Demon Suppression Division is almost impossible to clean.

.jujiazy.