수익증권 환매 관련 대법원판결에 관한 소고

The distributors’ redemption duty may well find its reason in the investment trust deed established with reference to the ex-Securities Investment Trust Business Law (the old law). Distributors had included redemption duty of its own property in the investment trust deed by the mutual consent with management company and trustee company. Otherwise distributors had been only the sales agency which had no redemption duty of its own property with reference to the old law. It has to be considered for making an effort to get the one day redemption system function well with the book valuation. Allowing that the distributors’ redemption duty of its own property to be included in the investment trust deed, it is still valid in the investment trust act because its redemption duty would be not compulsory in an unusual condition such as a large number of claims for the repurchase. In a word, the distributors’ redemption duty of its own property with reference to the old law has to be regarded as based on the investment trust deed. It is difficulty to find the distributors’ redemption duty pursuant to the investment trust deed such like this contrary to the investment trust act. Because in case of a large number of claims for redemption, the partial termination of the investment trust will be expected, and in case of the inability of disposition or valuation of fund assets, suspension of redemption will be expected.