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The Civil Code of the Russian Federation

(with the Additions and Amendments of February 20, August 12, 1996,
October 24, 1997, July 8, December 17, 1999, April 16, May 15,
November 26, 2001, March 21, November 14, 26, 2002,
January 10, March 26, November 11, December 23, 2003)

Part II
Section IV
Chapter 53
Trust of Estate

Chapter 53. Trust of Estate

Article 1012. The Contract of Trust of Estate


1. Under the contract of trust of estate one party (settler of trust) shall transfer estate in trust to the other party (trust administrator) for a definite period, while the other party shall undertake to administer this estate in the interests of the seller of trust or the person indicated by him (beneficiary). The transfer of estate in trust shall not involve the assignment of the right of its ownership to the trust administrator.
2. While implementing the trust of estate, the trust administrator shall have the right to perform any legal and actual actions in the interests of the beneficiary in keeping with contract of trust of estate. The law or the contract may provide for restrictions on individual actions for the trust of estate.
3. Transactions with estate transferred in trust shall be made by the trust administrator oh his behalf by pointing out that he acts as such administrator. This proviso shall be deemed to be observed, if during the actions which do not require the written form the other party is informed about them by the trust administrator acting in this capacity and if the written documents bear the note T.A. after the name of the trust administrator. In the absence of the indication about the operation of the trust administrator in this capacity, the trust administrator shall bind himself to the third persons and shall be liable to them only within the property belonging to him.

Article 1013. The Object of Trust


1. The objects of trust may include enterprises and other property complexes, particular facilities relating to real estate, securities, rights certified by non-documentary securities, exclusive rights and other property.
2. Money may not be an independent object of trust with the exception of cases, provided for by the law.
3. Estate held in economic or operative management may not be transferred in trust. The transfer in trust of estate held in economic or operative management is possible only after the liquidation of the legal entity which was in charge of property or carried out operative management or after the termination of the right of economic or operative management and its passage into the possession of the owner on other statutory grounds.

Article 1014. The Seller of Trust


The owner of estate or another person in cases, specified by Article 1026 of this Code, shall be a seller of trust.

Article 1015. The Trust Administrator


1. An individual businessman or a products-making organization may be a trust administrator, exception being made for a unitarian enterprise. In cases where the trust of estate is exercised on the statutory grounds, the post of the trust administrator may be held by the individual who is not a businessman or by the non-profit-making organization with the exception of an institution.
2. Estate shall not be transferred in trust to a state body or a local self-government body.
3. The trust administrator may not be a beneficiary under the contract of trust of estate.

Article 1016. The Substantial Terms and Conditions of the Contract of Trust of Estate


1. The contract of trust of estate shall indicate the following: the structure of estate transferred in trust;
the name of the legal entity or the individual in whose interest the trust of estate is exercised (the seller of trust or the beneficiary);
the amount and form of remuneration for the administrator, if it is provided for by the contract;
the term of validity of the contract.
2. A contract of trust of estate shall be concluded for a term not exceeding five years. For particular types of estate transferred in trust the law may provide for other maximum terms for which contracts may be concluded. In the absence of the statement by one of the parties on the termination of a contract upon the expiry of its validity term, it shall be deemed to be prolonged for the same period and on the same conditions which were provided by the contract.

Article 1017. The Form of the Contract of Trust of Estate


1. A contract of trust of estate shall be concluded in writing.
2. A contract of trust of real estate shall be concluded in the form, provided for the contract of sale of real estate. The transfer of real estate in trust shall be subject to state registration in the same procedure that governs the transfer of the right of ownership of this property.
3. The non-observance of the form of the contract of trust of estate or of the requirement for the registration of the transfer of real estate in trust shall invalidate the contract.

Article 1018. The Separation of Estate Held in Trust


1. Estate transferred in trust shall be separated from the other estate of the seller of trust, and also from the estate of the trust administrator. This estate shall reflect in the trust administrator's separate balance-sheet, with an independent accounting being kept on its basis. A separate bank account shall be opened for settlements in the activity associated with trust.
2. The execution for the debts of the settler of trust on the estate transferred by him in trust shall not be levied with the exception of the insolvency (bankruptcy) of this person. In case of the bankruptcy of the settler of trust the trust of this estate shall be ceased and it shall be included in the bankrupt's estate.

Article 1019. The Transfer in Trust of Estate Encumbered with Pledge


1. The transfer of the pledged estate in trust shall not deprive the pledgee of the right to every execution on this estate.
2. The trust administrator shall be warned about the fact that the estate transferred in trust has been encumbered with pledge. If the trust administrator did not know and should not know about the estate encumbered with pledge and given to him in trust, he shall have the right to demand in court the cancellation of the contract of trust of estate and the payment of remuneration for one year that is due to him under the contract.

Article 1020. The Rights and Obligations of the Trust Administrator


1. The trust administrator shall exercise the proprietary rights to the estate transferred in trust within the limits prescribed by the law and the contract of trust of estate. The trust administrator shall dispose of real estate in cases, provided for by the contract of trust of estate.
2. The rights, acquired by the trust administrator as a result of actions in the trust of estate, shall be included in the estate transferred in trust. The obligations arising as a result of such actions of the trust administrator shall be executed at the expense of this estate.
3. In order to protect the rights to estate in trust, the trust administrator shall have the right to demand any removal of the infringement of his rights (Articles 301, 302, 304 and 305).
4. The trust administrator shall submit to the seller of trust and the beneficiary the report on his activity in the time-limits and in the procedure, established by the contract of trust of estate.

Article 1021. The Transfer of Trust of Estate


1. The trust administrator shall effect the trust of estate in person, except for the cases, provided for by Item 2 of this Article.
2. The trust administrator may charge another person with the performance of actions necessary for the trust of estate on behalf of the trust administrator, if he is authorized therefor by the contract of trust of estate or has received the settler's consent with this in written form, or is forced to do so by virtue of circumstances for the safeguarding the interests of the settler of trust or the beneficiary and has no possibility of receiving the settler's instructions in a reasonable period of time. The trust administrator shall be answerable for the actions of the agent chosen by him as for his own actions.

Article 1022. The Liability of the Trust Administrator


1. The trust administrator who failed to show due care for the interests of the beneficiary or the settler of trust in case of trust of estate shall reimburse to the beneficiary the lost profit during the trust of estate and to the settler of trust - the losses caused by the loss of, or damage to, estate with due account of its depreciation, and also the lost profit. The trust administrator shall be liable for the inflicted losses, unless he proves that these losses were caused by force majeure or by the actions of the beneficiary or the settler of trust.
2. The obligations in the transaction made by the trust administrator with the excess of power or with the contravention of the limitations established for him shall be borne by the trust administrator in person. If the third persons participating in the transaction did not know or should not have known about the excess of power or about the established limitations, the obligations which have arisen shall be subject to satisfaction in the procedure, established by Item 3 of this Article. In this case the settler of trust may demand that the trust administrator should recompense the losses sustained by him.
3. The debts in obligations which have arisen in connection with trust of estate shall be repaid at the expense of this estate. If such estate is not sufficient, execution may be levied on the estate of the trust administrator; and if his estate proves to be insufficient as well, execution may be levied on the estate of the settler of trust that has not been placed in trust.
4. The contract of trust of estate may provide for the submission of mortgage by the trust administrator in the security for the reparation of the losses that can be caused to the settler of trust or the beneficiary by the improper execution of the contract of trust.

Article 1023. Remuneration for the Trust Administrator


The trust administrator shall have the right to the remuneration, provided for by the contract of trust of estate, and also to the reimbursement of the necessary expenses, made by him during the trust of estate, at the expense of the incomes from the use of this property.

Article 1024. The Termination of the Contract of Trust of Estate


1. The contract of trust of estate shall be terminated in consequence of: the death of the individual who is a beneficiary or the liquidation of the legal entity - also a beneficiary - unless the contract provides for otherwise;
the refusal of the beneficiary to receive benefits under the contract, unless the latter provides for otherwise;
the death of the individual who is a trust administrator, the recognition of him as legally unfit, specially incapable or missing, and also the recognition of the individual businessman as insolvent (bankrupt);
the refusal of the trust administrator or the settler of trust to carry out trust in connection with the impossibility for the trust administrator to effect in person the trust of estate;
the rejection by the settler of trust of the contract for the reason other than that indicated in the fifth paragraph of this Item, provided that the remuneration specified by the contract has been paid to the trust administrator;
the recognition of the businessman who is the settler of trust as insolvent (bankrupt).
2. If one party abandons the contract of trust of estate, the other party shall be notified about this three months before the termination of the contract, unless the latter provides for a different date of notification.
3. With the cessation of the contract of trust the estate held in trust shall be transferred to the settler of trust, unless otherwise stipulated by the contract.

Article 1025. The Transfer of Securities in Trust


In case of the transfer of securities in trust, they may be pooled for the transfer in trust by different persons.
The authority of the trust administrator to dispose of securities shall be defined in the contract of trust.
The specific features of trust of securities shall be determined by the law.
The rules of this Article shall be applied accordingly to the rights, certified by non-documentary securities (Article 149).

Article 1026. Trust of Estate on the Grounds Stipulated by the Law


1. Trust of estate may be instituted in the following cases: on account of the need for the permanent trust of the estate of the ward in cases provided for by Article 38 of this Code;
on the grounds of the restatement which has appointed the testamentary executor;
on other grounds specified by the law.
2. The rules provided for by this Chapter shall be applied accordingly to the relations involving the trust of estate, instituted on the grounds, referred to in Item 1 of this Article, unless otherwise stipulated by the law and unless the contrary follows from the essence of such relations. In cases where trust of estate is instituted on the grounds, referred to in Item 1 of this Article, the rights of the settler of trust, provided for by the rules of this Chapter, shall belong accordingly to the body of guardianship, the testamentary execution or any other person, indicated in the law.

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