Trust management of securities. Asset Trust Agreement

The right of trust is explained in the first part of the Civil Code. Part 2 of the code contains ch. 53. It summarizes information regarding relations arising in the field of trust management. Consider this institution in detail.

General information

In the first part of the Civil Code there is one general rule (Article 209, paragraph 4), some individual cases of the emergence of trust relations are mentioned. These include:

1. Art. 38 Civil Code. It explains the trust management of property of the subject of 14-18 liters.
2. Art. 43 and 43. They describe the relationship of trust in material assets of a citizen who is recognized as missing.
3. Art. 41. This norm provides for trust management of the property of an adult over whom patronage is carried out.

Definition

Trust management is an independent initiative activity of a person, which is aimed at preserving and enhancing the values ​​entrusted to him. In some cases, it provides for minimization or prevention of losses that may occur in any circumstances. Activities can be expressed not so much in "security" measures as in the administration of the client’s affairs.

Trust management can be directed not only at the increment and acquisition of material values. The goal of the activity in some cases is the implementation of rational expenses for maintaining them in proper form and operation, paying off debts, paying taxes, hiring workers, etc. It always has a commercial character, since it is often aimed at generating income. An example is trust management of real estate, which is part of the inheritance.

Specificity

Within the framework of relations arising in the field of trust management, legislation definitely resolves the issue of property rights. It does not stop, is not suspended, and does not transfer to the entity carrying out the above activities. In this case, the owner can profit from the property that is transferred to the management, or determine the person who will do it for him. The ability to perform certain legal or actual actions with material values ​​passes to another entity, but is under the control of the rightful owner.

The essence of the institute

The relations under consideration form additional ways for the owner to benefit from the objects belonging to him. The legal owner entrusts the fulfillment of his powers to another entity - the manager. The owner for some time refuses their independent implementation, however, stipulates the preservation of the benefits of the exploitation of material values. Of course, the entity that performs the management work receives the right to appropriate remuneration. This, in fact, is the meaning of the institution in question. Summarizing the above, we can draw the following conclusion. Trust management of property is an independent activity of the subject in the most effective implementation of the legal opportunities entrusted to him on behalf of the owner in the interests of the latter or in favor of another person indicated by the legal owner.

Goals

The trust management agreement assumes that one party provides tangible assets to the other for a specific period. The latter, in turn, accepts certain obligations with them. They consist in the effective management of the entrusted property in the interests of the owner or other person indicated by him. The need for such a deal may be due to various reasons. In some cases, the owner considers himself insufficiently experienced or incapable of effectively using certain objects that belong to him by law.

His intentions may be expressed in the desire to provide assistance to others at the expense of his property without significant worries. The institution in question is also often used in pooling capital. Such transactions involve several persons. The founders transfer their property to the trust management of one entity. He uses it in the interests of all these individuals. In general, the institution in question can be established to achieve any goal that is not against the law.

Conditions

As mentioned above, the manager gets the opportunity to exercise the power to use, order, ownership of property. They themselves remain with the owner. At the same time, within the term of the contract for trust management, he cannot realize his ability to dispose, use and own property transferred to trust. Material assets that are the subject of a transaction must be the property of the person. Holders of other property rights, for example, economic management, operational management, cannot participate in the relations under consideration. These categories already imply the exercise of the proprietor's authority. They can not be secondary, carried out in the second link.

Asset Trust Agreement

It must be in writing. The agreement may be in the form of a single document and signed by the parties in real time. It is allowed to conclude by exchange of documents through communication means of communication. The asset trust agreement is classified as real. This means that for its entry into force it is necessary not only the signing of the document, but also the actual provision of material assets.

Important point

The law places high demands on agreements in accordance with which trust management of real estate is carried out. First of all, special attention is paid to their form. The agreement can be concluded in simple written form only by compiling one document, which is endorsed by the parties to the transaction. However, this action is not enough.

The legislation prescribes to carry out all appropriate actions regarding the execution of the agreement provided for the contract for the sale of the object. In particular, we are talking about annexes to the agreement. They are: the deed of transfer, inventory sheet, balance sheet, the opinion of an independent auditor, an independent appraiser (if necessary) and so on. The list of applications will depend on the type of object (land, residential building, office building, etc.), as well as the requirements of the law or participants in the transaction.

check in

This is another feature of drawing up an agreement on trust management of real estate. State registration should be carried out according to the same rules that are provided for the sale. Currently, this procedure is carried out in accordance with the Federal Law No. 122. In addition to the description of its procedure, it states that the trust deed is subject to state registration. Failure to comply with the established form, as well as requirements for state registration, entails the invalidity of the transaction.

Binding agreement

Typically, a trust deed is free, that is, it is concluded at the discretion of the parties. However, the legislation provides for several cases where it is mandatory. In particular, this requirement applies to guardianship and trusteeship bodies if a court decision has come into effect, which stipulates the need to carry out permanent management of property of an entity declared missing. Along with this, the consent of the person who will carry out the relevant activities is mandatory in all circumstances.

Classification

The trust agreement may be paid or gratuitous. This distinguishes it from a commission or agency agreement, in which the payment of remuneration is a prerequisite for the transaction. A trust management agreement will be considered free of charge if it is established in the law or in it that the trustee acts for free. If the terms and conditions of the remuneration are determined in the terms of the agreement, the transaction is onerous. Such an agreement is considered mutual. Gratuitous agreement belongs to the category of unilateral. This is due to the fact that the founder (owner) receives only the rights and is not liable for the second party to the transaction.

Securities trust management

To ensure the efficient operation of the stock market, specialized organizations are created. They are called professional members. One of such entities may be a company that has a license to carry out trust management activities. The need for it may arise when:

1. Formation of pension and investment funds, other collective investors, whose assets should be monitored on a professional basis.
2. Accumulation of large savings by the population and enterprises. Trust management of money in such cases must inevitably be isolated from the main activities of capital owners.
3. Financing education, medical projects, charity.

Documenting

Trust management of securities is carried out in accordance with the agreement. The founder provides the subject of the transaction for a certain period of time. It is established by mutual agreement and discretion of the parties. Trust management of funds, as well as other objects mentioned above, is carried out in the interests of the owner or the entities indicated by him (beneficiaries). Carrying out the activities specified in the agreement, a person may take any actions within the framework of the agreement. The document should define:

1. The composition of the objects to be transferred to trust.
2. The name (name) of the subject in whose interests the relevant work is performed.
3. Form and amount of remuneration.
4. The validity period of the agreement. It should not be more than 5 years.

After receiving the assets under management, the authorized entity concludes sales transactions on its own behalf. He is liable to the beneficiary and the founder for unfulfilled obligations. Trust management of money or other assets implies the possibility of the owner to demand compensation for damage or lost profits. Authorized person opens and leads off-balance sheet account every customer. This is necessary to ensure separate accounting of capital and securities received from the founder, from their own.

Reassignment

It is allowed in certain cases. Trust management may be carried out on behalf of, if:

1. This is provided for by the terms of the agreement.
2. A written instruction was received from the founder to perform such actions.
3. Extraordinary circumstances arose and the reassignment was aimed at safeguarding the interests of a third party (beneficiary), but in the current situation it is not possible to obtain a written permission of the founder in a short time.

Investment banks

As a rule, they carry out trust management of the company, the fund and other organizations. The economic essence of the operation of investment banks lies in the fact that they provide greater efficiency in comparison with dealers and brokers. This is due to the fact that more professional employees work in such structures, performing various functions not only in banking, but also in investments. Due to the wide scope of activities, such organizations carry out less expenses for operations. Efficiency is also determined by the simultaneous presence of investment banks in various markets in many countries.

Key Tasks

The functions performed by the manager are to create a portfolio of shares or other securities and then use it in the interests of the owner. Assets have various investment characteristics. For example, they include indicators of reliability, liquidity, and profitability. When investing in securities, the investor sets specific goals.

In accordance with them, the formation of the portfolio. It should be drawn up so that the assets do not lose their value, but, on the contrary, make a profit. To realize the tasks and achieve the goals, the manager must analyze the financial condition of issuers and the investment quality of the securities. Summarizing and predicting, he gives preference to certain assets, makes certain transactions.

Conclusion

Transfer to trust management of property is quite clearly regulated by law. For this procedure, a procedure is stipulated corresponding to the sale and purchase transaction. However, at the same time, the owner does not lose his rights to the property, but only provides an opportunity for the manager to possess, dispose, use it. The latter, in turn, acts in the interests of the rightful owner or entity defined by him. The parties to the relationship necessarily enter into an agreement.

In writing, the rights, obligations and responsibilities of the parties are specified. The agreement establishes the amount and form of remuneration of the entity that exercises the powers if the transaction is onerous. In the absence of these conditions, an agreement of this type will be deemed non-concluded. When submitted to the trust management of real estate, the agreement must be registered by authorized bodies.

In this case, the procedure itself should be carried out according to the rules similar to those established for the purchase and sale transaction. Submission by general rules is not allowed. Exceptions provided by law are exhaustive. Trust management is considered one of the forms of extracting passive profits from property. At the same time, both the legal owner of the assets and the entity that exercises the powers granted to it receive benefits.

Asset Trust Agreement