Transfer to trust management in accordance with paragraph one of Article 1012 of the Civil Code of the Russian Federation is carried out on the basis of the relevant agreement. Two sides are involved in its conclusion. The founder entrusts trust management of property to the manager. At the conclusion of the contract, specific terms are determined. The second party undertakes to trust the property in accordance with the interests of the copyright holder (owner) or the person specified by him (beneficiary).
The contract mentioned above is considered relatively new to the civil legislation of the Russian Federation. With its conclusion, relations are drawn up related to the use of another's property, taking into account the interests of its owner (or the person indicated by the copyright holder). The reason may be the inability of the owner to use it independently or inexperience.
In some cases, trust management of property provides for the replacement of the owner by the manager (or other authorized person) by direct legal instruction in connection with certain circumstances. These include: the establishment of guardianship, patronage or guardianship, an unknown absence, death. In the latter case, the executor (the executor of the will) disposes of the property until the heirs enter into their rights.
Unlike Anglo-American law with the concept of “trust”, Russian law explicitly indicates that trust management of property does not entail the transfer of ownership of the property to the manager. Relations formed as a result of the conclusion of an appropriate agreement are considered not material, but obligatory.
Given the legal nature, a trust agreement is an agreement to provide services. Thus, the manager makes a combination of factual as well as legal manipulations that make up one whole. In this regard, the subject matter of the agreement cannot be considered as a simple combination of these services.
The trust agreement is real, comes into force from the moment the property is transferred to the manager for use. The agreement may be gratuitous or onerous and is bilateral in nature. If trust management of real estate is executed , the contract shall enter into force after the implementation of state registration.
The founder, according to general rules, should be the owner. It can be a citizen, subjects of certain exclusive and obligation rights (depositors of credit organizations, for example), public law education, legal entity and others. In situations stipulated by law, the founder of the management may not be the copyright holder, but another person, for example, a 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 is entrepreneurial activity. In other words, in making a profit for the owner from using his property.
When implementing the contract on the grounds provided by law, the manager may also be a person who is not an individual entrepreneur (executor or guardian of a minor), or a non-profit structure (for example, a foundation), except for an institution.
Trust management is established on all property of the copyright holder or on a certain part of it. Money cannot be an independent object. An exception is situations provided for by the relevant law in force.