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本文主要研究美国债券受托人法律制度。文章主要包括以下五方面的内容:一、债券受托人的作用。在债券持有人是广大公众时,指定债券受托人是非常必要的。债券受托人制度通过在一定程度上限制债券持有人的诉讼权利,赋予债券受托人签订、修改、补充债券信托合同直至提起诉讼等权利,保护债券持有人的利益。二、债券受托人的定义与传统的信托法理论。实践中,债券受托人是债券发行公司指定的。指定债券受托人的目的是为了保护债券持有人的利益,强制债务人履行债务。如何使这一矛盾得到合理的解释,以符合信托法的一般理论,文章在本部分研究了美国司法实践对此矛盾的解释。三、债券受托人的资格。债券受托人应当由具有经营信托业务资格的机构担任,其所拥有的资本和资本盈余不少于15万美元。曰于债券受托人通常由银行担任,为实现保护债券持有人利益的目的,文章研究了法律关于债券受托人不能与债券发行人具有的关联关系以及债券受托人不能具有的利益冲突。四、债券受托人的责任与义务。根据美国成文法的规定,债券受托人的义务在债务人违约前与违约后,有所不同。在债务人违约前,受托人只承担债券信托合同明确规定的义务和责任。受托人在并无恶意情况下,可以仅仅依据信托合同要求的文件和意见进行判断和行为,并无调查的义务。债务人违约后,受托人应当根据债券信托合同赋予他的权利,用一个谨慎的人在相同的情况下处理自己事务应有的注意和能力,来处理债券信托合同事务。五、指定债券受托人对债券持有人权利的影响。债券在信托合同的条件下发行,必然要对债券持有人的一些权利加以限制。文章在本部分分析了在影响债券持有人重大权利时债券持有人和债券受托人各自所享有的权利及法律的相关规定。
This article mainly studies the legal system of the U.S. bond trustee. The article mainly includes the following five aspects: First, the role of the bond trustee. When the bondholders are the general public, it is necessary to designate the bond trustee. The bond trustee system protects the interests of the bondholders by limiting the rights of the bondholders to litigation to some extent, giving the bond trustees the right to sign, modify and supplement the bond trust contract until the litigation. Second, the definition of bond trustee and the traditional trust law theory. In practice, the bond trustee is designated by the bond issuer. The purpose of the designated bond trustee is to protect the interests of the bondholders and obligate the debtor to perform its obligations. How to make a reasonable explanation of this contradiction, in line with the general theory of trust law, the article in this part of the United States judicial practice to explain the contradiction. Third, bond trustee qualification. The bond trustee shall be an institution qualified for the operation of the trust business and shall have a capital surplus and capital surplus of not less than 150,000 U.S. dollars. It is said that the trustee of a bond is usually a bank. For the purpose of protecting the interests of the bondholders, the article studies the law’s relation that the trustee can not bond with the bond issuer and the conflict of interest that the bond trustee can not have. Fourth, the bond trustee’s responsibilities and obligations. Under the statute law of the United States, the obligations of bond trustees differ after the debtor defaults and defaults. Before the debtor defaults, the trustee assumes only the obligations and liabilities expressly provided in the bond trust contract. Without any malice, the trustee can make judgments and actions based solely on the documents and opinions required by the trust contract and has no obligation to investigate. After the debtor defaults, the trustee shall handle the bond trust contractual affairs according to the rights conferred on it by the bond trust contract, and handle the bond trust contract with the care and ability of a cautious person under the same circumstances to handle his own affairs. Fifth, the designated bond trustee of the rights of bondholders. Bonds issued under the terms of a trust contract will inevitably have some restrictions on the rights of the bondholders. In this section, the article analyzes the respective rights and laws of bondholders and bond trustees when they affect the significant rights of bondholders.