论信托财产的人格性

信托财产是信托关系的基本要素，由于信托的特殊性，信托财产与传统民法的财产有很大区别，正确给信托财产定位，是信托业得以健康发展的核心问题。信托财产的特性在于其人格性，而这种人格性的赋予是以交易成本最小化为动因，尽管信托财产人格性设计对受益人的利益有偏袒，但从社会成本而言，其目的在于促使交易成本最小化，当然，对信托财产的人格性不能绝对化，由于利益平衡的需求，往往在特定情况下对信托财产予以人格否认。

On The Personalization Of The Trust

The trust is the basic element of the trust relation.Owing to its specialty,the trust has great difference from the property of the traditional civil law.Correctly positioning the trust is the focus of the trust's smooth development.The speciaty of the trust lies in its personalization which is obtained by minimizing the cost of transaction.Although the design of personalization of the trust is partial to the interest of the beneficiary,its purpose is to minimize the cost of transaction as far as the social cost is concerned.However,to personalize the trust is not absolute.Owing to the need of balance of interets,the personalization of the trust should be denied under the special circumstance.