Creditors use IOUs, time deposits, insurance certificates, bills, etc. Take the creditor's rights in economic activities as trust property and entrust the trustee to collect, manage and use them. In Japan, life insurance trust has a long history, and loan creditor's rights trust has developed rapidly in recent years. In China, the creditor's rights trust is in the theoretical exploration stage.
Legal basis: People's Republic of China (PRC) Trust Law.
Article 7
To establish a trust, there must be definite trust property, which must be legally owned by the client.
Property referred to in this law includes legal property rights.
Article 8
The establishment of a trust shall be in writing.
Written forms include trust contracts, wills or other written documents stipulated by laws and administrative regulations.
Where a trust is established in the form of a trust contract, the trust is established when the trust contract is signed. Where a trust is established in other written forms, the trust shall be established when the trustee promises.
Article 9
To establish a trust, its written documents shall contain the following items:
(1) the purpose of the trust.
(2) Names and domiciles of the trustor and the trustee.
(3) Beneficiaries or the scope of beneficiaries;
(4) The scope, types and conditions of the trust property.
(5) Ways and means for beneficiaries to obtain trust benefits.
In addition to the matters listed in the preceding paragraph, the term of the trust, the management method of the trust property, the remuneration of the trustee, the way of the new trustee, the reasons for the termination of the trust and other matters may be stipulated.