Contract law. Property trust agreement (the most important)

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Contract law. Property trust agreement (the most important)

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64. CONTRACT OF TRUST MANAGEMENT OF PROPERTY

Property trust agreement - independent activity, in which one party (the founder) transfers the property to the other party (manager) for a certain period of time in trust management for its management.

This agreement is:

1) real - is concluded from the moment the property is transferred to the management of the manager;

2) compensated - when the amount and form of remuneration to the manager is determined in the contract;

3) free of charge - when the law or the contract provides that the trustee acts free of charge;

4) free - is at the discretion of the parties.

Purpose of the agreement: not only to generate income from property, but also to increase and maintain property in a proper and fit condition.

Parties to the contract - Founder of trust management and trust manager.

Form of contract - written (can be drawn up in the form of a single document signed by the parties, and in the form of an exchange of documents by telegraph, telephone, electronic and other communications).

The contract is considered not concluded if the parties have not come to an agreement on what property is transferred to trust management.

Essential terms of the property trust management agreement:

1) the composition of the property transferred to trust management;

2) the name of the legal entity or citizen in whose interests the property is managed;

3) the amount and form of remuneration to the manager;

4) the term of the contract.

Rights and obligations of the manager:

1) carry out proper management of the property entrusted to him;

2) maintain the property entrusted to him in proper condition, ensure its safety;

3) take the necessary measures to prevent depreciation of the property entrusted to him;

4) is entitled to remuneration, the form of remuneration is different: mainly remuneration in the form of interest from income received as a result of trust management of property;

5) reimbursement of the necessary expenses incurred by him during the trust management of property.

Rights and obligations of the founder:

1) exercise control over the activities of the manager, without interfering in the operational and economic activities of property management;

2) demand from the manager the transfer of income and other receipts received as a result of property management;

3) pay remuneration to the trustee;

4) provide the trustee with the documents necessary for the effective management of property;

5) not interfere with the management of his property.

Author: Rezepova V.E.

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