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(Adopted and Promulgated by the Second Session of the Ninth National People's
Article 414 Definition of Trading-Trust Contract
A trading-trust contract is a contract whereby the trustee-trader conducts trading
activities in its own name for the trustor, and the trustor pays the remuneration.
Article 415 Expenses Borne by Trustee-trader
The expenses incurred by the trustee-trader in the course of handling the entrusted
affair shall be borne by the trustee-trader, except otherwise agreed by the
parties.
Article 416 Trustee-trader's Obligation to Exercise
Due Care
Where the trustee-trader is in possession of the trust item, it shall keep the
trust item with due care.
Article 417 Disposal of Defective Trust Item by Trustee-trader
If a trust item was defective, perishable or susceptible to deterioration at
the time it was delivered to the trustee-trader, upon consent by the trustor,
the trustee-trader may dispose of the item; where the trustee-trader is unable
to contact the trustor in time, it may dispose of the trust item in a reasonable
manner.
Article 418 Pricing of Trust Item
Where the trustee-trader is to sell the trust item below, or buy the trust item
above, the price designated by the trustor, it shall obtain consent from the
trustor. If such sale was effected without consent by the trustor, and the trustee-trader
made up the deficiency on its own, it is binding on the trustor.
Where the trustee-trader sold the trust item above, or purchased the trust item
below, the price designated by the trustor, the remuneration may be increased
in accordance with the contract. Where such matter was not prescribed or clearly
prescribed, and cannot be determined in accordance with Article 61 hereof, the
benefit belongs to the trustor.
Where the trustor gives special pricing instruction, the trustee-trader may
not make any sale or purchase in contravention thereof.
Article 419 Trustee-trader Acting as Purchaser or Seller
Where the trustee-trader is to sell or purchase a commodity the price of which
is fixed by the market, the trustee-trader may act as the purchaser or seller
itself, unless the trustor has otherwise manifested its intention.
Where the trustee-trader is in a situation described in the previous paragraph,
it may still require payment of remuneration from the trustor.
Article 420 Trustor's Obligation to Take Delivery;
Trustee-trader's Remedies in Case of Trustor's Failure to Take Delivery
Once the trustee-trader purchased the trust item in accordance with the contract,
the trustor shall timely take delivery. Where after receiving demand from the
trustee-trader, the trustor refuses to take delivery without cause, the trustee-trader
may place the trust item in escrow in accordance with Article 101 hereof.
Where the trust item fails to be sold or the trustor withdraws it from sale,
the trustee-trader may place the trust item in escrow in accordance with Article
101 hereof if the trustor fails to retrieve or dispose of it after receiving
such demand from trustee-trader.
Article 421 Trustee-trader's Rights and Obligations
as Party to Contract with Third Person
Where the trustee-trader entered into a contract with a third person, it directly
enjoys the rights and assumes the obligations thereunder.
Where the third person failed to perform its obligations, thereby causing damage
to the trustor, the trustee-trader shall be liable for damages, except otherwise
agreed by the trustee-trader and the trustor.
Article 422 Trustee-trader's Right to Remuneration;
Possessory Lien in Case of Non-payment
Where the trustee-trader has completed the entrusted matter or has partially
completed the entrusted matter, the trustor shall pay the appropriate remuneration
thereto. Where the trustor fails to pay the remuneration within the prescribed
period, the trustee-trader is entitled to a possessory lien on the trust item,
except otherwise agreed by the parties.
Article 423 Provisions Governing Agency Appointment
Contracts Applicable
A matter not provided for in this Chapter shall be governed by the relevant
provision applicable to agency appointment contracts.
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