Chapter III Beneficiary
Article 17
The beneficiary of a trust shall be entitled to the benefits arising from the trust upon the creation of the trust unless the trust act provides otherwise.
A beneficiary may abandon the rights of his trust interests.
Article 18
The beneficiary of a trust shall have the right to apply to the court for revocation of the disposal of trust property, if the property has been disposed of by the trustee in violation of the stated purpose of the trust. If there is more than one beneficiary, the motion for revocation may be filed by any one of the beneficiaries.
The right to apply for revocation as provided in the preceding paragraph may be exercised only in any one of the following situations:
(1)the trust property is a property right which requires registration and such trust registration has been duly completed;
(2)the trust property is a property right in securities like stock certificates or other documentary evidence of rights and which clearly specify in accordance with the regulations of the industry's regulatory authority that they appertain to the trust property; or
(3)the trust property is a property right other than those provided in the preceding two subparagraphs and both the opponent and the transferee knew or failed to know by gross negligence that the trustee had disposed of the property against the stated purpose of the trust.
Article 19
The right to apply for revocation of trust, as referred to in the preceding article, shall extinguish within one year from the time when the beneficiary becomes aware of the cause of the revocation or after ten years from the time of the disposal.
Article 20
Articles 294 to 299, inclusive, of the Civil Code shall apply mutatis mutandis to the transfer of the beneficiary right.