Trust management of property

Transfer to trust in accordance with paragraph one, Article 1012 of the Civil Code is carried out on the basis of the relevant agreement. Two parties are involved in his detention. The founder assigns trust management of the property to the manager. When concluding a contract, specific deadlines are determined. The second party undertakes to perform trust management of property in accordance with the interests of the right holder (owner) or the person specified by him (the beneficiary).

The above-mentioned contract is considered relatively new for the civil legislation of the Russian Federation. With his conclusion, relations related to the use of other people's property taking into account the interests of its owner (or the person named by the rightholder) are formalized. The reason can be the inability of the owner to use it alone or inexperience.

In some cases, trust management of property provides for the replacement of the owner by the manager (or other authorized person) under direct legal direction in connection with certain circumstances. They include: the establishment of custody, patronage or guardianship, an unknown absence, death. In the latter case, the executor (executor of the will) disposes of the property until the heirs enter their rights.

Unlike the Anglo-American right with the concept of "confidential ownership", Russian legislation directly indicates that trust management of property does not entail the transfer of ownership of the manager. Relations that are formed as a result of the conclusion of the relevant treaty are deemed not binding, but binding.

Given the legal nature, the trust agreement is an agreement on the provision of services. Thus, the manager performs a combination of actual, as well as legal manipulations that make up one whole. In this regard, the subject of the agreement can not be considered as a simple combination of these services.

The agreement on trust management is real, it comes into force from the moment of transfer to the property manager in use. The agreement can be free or paid and has a bilateral character. If the trust management of immovable property is formalized, the agreement enters into force after the state registration.

The founder should be the owner by general rules. They may be a citizen, subjects of some exclusive and mandatory rights (depositors of credit institutions, for example), public legal education, a legal entity and others. In cases provided by law, the founder of the management may not be the legal owner, but another person, for example, the guardianship and trusteeship body.

The manager can only be a professional participant in the turnover - a commercial organization, an entrepreneur (individual). This is due to the fact that the essence of trust management lies in the entrepreneurial activity. In other words, in making a profit for the owner from using his property.

When executing a contract on the grounds provided by law, a person who is not an individual entrepreneur (executor or guardian of a minor) or a non-profit structure (for example, a fund) other than the institution can act as a manager.

The trust management is established on all property of the legal owner or on its certain part. Money can not act as an independent object. Exceptions are those situations provided for by the applicable law in force.