지식재산권의 신탁과 유동화 방안

As the importance of intellectual property right has bee emphasized, it appeared as one of pending questions how to manage and utilize intellectual property right. This research overviews trust system and securitization of intellectual property right for its management and utilization. Trust Act revised in 2005 defines that intangible property right including intellectual property right can be deposited, laying the legal foundation of beneficiary certificate issuance while trusting knowledge-based property. Nevertheless, it needs further research as it has complicated legal structure for securitization as well as trust of intellectual property right due to its distinctive features. Intellectual property right requires professional and complex knowledge for valuation, it is more economical and efficient to depute to specialized trustee institutions. Therefore, each company including group-based or venture capital needs to manage their intellectual property right by trusting to specialized depository companies. While trusting intellectual property right, companies are able to securitize by issuing beneficiary certificate for funding purpose. As a funding unit is small sum, it can be privately equitizedand protection measures for investors should be put in place. When knowledge-based property is securitized, substantial right should be given to trustee for management and operation of trusted property. Secondly, both impartiality and loyalty duty are required to avoid conflicts regarding profit between dual trusts. Thirdly, disclosure requirement should be imposed to intellectual property backed securities.