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If the trust registration fails to be made as required in the previous paragraph, it shall be made up later; the trust shall be invalid if no make-up trust registration is effected.
Article 11 The trust is void under any of the following circumstances:
1) The purposes of the trust are against laws or regulations, or harm the public interest of the society;
2) The trust property can not be identified;
3) The trustor establishes a trust by using illegal properties or properties that are prohibited by this Law from being used to establish a trust;
4) Establishing a trust especially for the purpose of litigation or of demanding the payment of a debt or loan;
5) The beneficiary or the scope of beneficiaries cannot be identified; and
6) Other circumstances provided by laws and regulations.
Article 12 If the trust a trustor establishes has harmed the interests of the creditor, the creditor shall have the right to apply to the people's court for canceling the trust.
Trust benefits already obtained by a goodwill beneficiary shall not be affected if the people's court cancels the trust according to the provisions of the previous paragraph.
The right to apply shall extinguish if the creditor doesn't exercise it in one year since he knows or should know the reasons for cancellation.
Article 13 The establishment of testamentary trust shall abide by the provisions of the Succession Law on testament.
If the person appointed by the testament refuses or doesn't have the capacity to act as trustee, the beneficiary may appoint other trustees;
if the beneficiary is a person without civil capacity or a person with limited capacity, his guardian shall appoint the trustee on his behalf according to law. If there are other provisions on the appointment of the trustee in the testament, those provisions shall be followed.
Chapter 3 Trust Property
Article 14 The properties that the trustee obtains as a result of accepting the trust are trust property.
The properties that the trustee obtains by way of managing, utilizing, disposing of the trust property or by other means shall also be deemed as trust property.
Properties forbidden to circulate by laws or regulations shall not be used as trust property.
Properties limited in circulation by laws and regulations may be used as trust property with the approval of relevant departments in charge according to law.
Article 15 Trust property differs from other properties with which the trustor hasn't established a trust. After the trust is established, if the trustor dies or disbands according to law, or is canceled or declared bankrupt according to law, and if the trustor is the only beneficiary, the trust shall terminate and the trust property shall be deemed as his heritage or liquidation property;
if the trustor is not the only beneficiary, the trust shall continue to exist and the trust property shall not be deemed as his heritage or liquidation property;
but if the trustor, as a joint beneficiary, dies or disbands according to law, or is canceled or declared bankrupt according to law, the beneficial right of the trust shall be deemed as his heritage or liquidation property.
Article 16 The trust property differs from the property owned by the trustee (hereinafter referred to as inherent property for short) and shall not be deemed as the inherent property of the trustee or become part of the inherent property.
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