A form of security where a bank or finance institution, having security over documents of title to chattels, releases the documents of title to allow the goods to be sold and the proceeds of sale to be dedicated to repaying the money secured. It is a device by which a buyer undertakes that in consideration of the release of the documents under a letter of credit to him for his disposal, he will use the same to sell the goods as the issuing bank’s agent and will hold the goods themselves until sale, and the proceeds after sale, on trust for the issuing bank: Re Man Kwok Shing & Ors [2003] 1 HKC 208 (CFI). When the company sells goods under a trust receipt it does so as the bank’s agent. It is obliged to use the proceeds of the sale to repay the bank, thus the documents and the goods which are the subject of the trust receipts are subject to actual, or at least de facto, security in favour of the bank, and they did not constitute assets with which the company is free to deal: Re Wing Hong Woo Co Ltd [2001] 4 HKC 99 (CA). Also called a ‘letter of trust’. See also Security.
在這種保證／抵押／擔保下，在實產的業權文件上有保證／抵押／擔保的銀行或財政機構，解除有關的業權文件以准予售賣有關的貨物，而售賣得益則會撥供償還擔保款項。透過此方法，買方在以根據信用證(發給他／她並可供其運用)解除有關業權為代價的情況下，承擔會使用相同的作為發證銀行的代理人售賣有關的貨物，並且會持有有關的財物，直至售賣為止，而售賣後的得益，會以信託的形式為發證銀行持有：Re Man Kwok Shing & Ors [2003] 1 HKC 208(終審法院)。如有關公司根據信託收據售賣貨物，則該公司是以銀行代理人的身份作出。須使用售賣得益償還有關的銀行，因而屬於信託收據標的的文件及財物會受制於以銀行為受益人的實際、或至少是事實上的的保證／抵押／擔保，但不會構成公司可自由處理的資產：Re Wing Hong Woo Co Ltd [2001] 4 HKC 99(上訴法庭)。另稱「委託書」。另見 Security。

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