The Modernization of Trustee's Fiduciary Duties in the Chinese Trust Law: A Perspective from the Uniform Trust Code in the United States |
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| Authors: | WANG Chih-Cheng MENG Yunuo |
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| Affiliation: | 1. Distinguished Professor, College of Law, Chung Cheng University, Chiayi 621301, China.2. Ph.D. Candidate in Environmental Law, School of Law, Renmin University of China, Beijing 100872, China. |
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| Abstract: | Trust is the greatest and most distinctive achievement of English law, grown and developed over the passage of time, to meet new demands towards providing new solutions to problems, resulting in its widespread and inventive use worldwide. Although the trust system was introduced by the enactment of a specialist Trust Law of the People’s Republic of China in 2001, there is no significant growth in the use of the trust system in civic life. The personal fiduciary relationship between the settlor and trustee is the foundation of a trust. The trustee has an affirmative equitable duty to act solely in the interest of the beneficiaries. Whether people can rely on the trust system and use it universally is highly dependent on a trustee’s fiduciary duty. In the United States, thirty-four states and the District of Columbia have adopted some substantive provisions of the very valuable Uniform Trust Code (UTC). To promote the development and appropriate application of Chinese Trust Law, this article examines the differences between trustee obligations under the American UTC and Chinese Trust Law, and then proposes the amendment suggestion for Chinese Trust Law. This article consists of five parts. In addition to the Introduction, Part I of this article overviews the provisions of a trustee’s fiduciary duties in Chinese Trust Law. Part II discusses and compares the differences and similarities on trustee’s fiduciary duties in Chinese Trust Law and the UTC. Part III explores the comparative consideration of a trustee’s fiduciary duties, and provides the proposals for legal reform. Finally, this article brings forward a brief conclusion. |
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| Keywords: | fiduciary duties Uniform Trust Code (UTC) duty of loyalty duty of care |
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