Abstract
Czech legal theory has not yet dealt with combining the legal institute of trust fund and security. On the occasion of five years from the entry into force of the legal regulation of trust funds in Czech law, the aim of the present paper is to offer a consideration on the incorporation of the rights of the beneficiary into a security which is marked as a trust certificate.
In connection with defining such a security, the paper focuses on the interpretation of legal provisions that are related to the identification of the beneficiary and definition of his rights. Matters related to the issuer of the trust certificate are also examined.
Attention is further paid to the issue of the register of trust funds and certain provisions of applicable law that could be an obstacle to the issuance of trust certificates. The text is completed by an evaluation of practical applicability of trust certificates and an overall summary of findings on this theoretical concept.