담보권신탁의 기본적 법률관계

The revised Trust Act, which will become enforced on July 26th of 2012, introduces ‘Security Interest Trust' created by creation of security interest that is one of the deed of trusts. ‘Security Interest Trust' separates the secured party and secured creditor, and is able to create various legal relationships due to the convertible function of trust. The stratification of beneficial interest to set a preferential and posterior relationship and planning the securitization of credit will open up a new legal relationship within Korean security law. However, legal relationships of ‘Security Interest Trust' are not stipulated by the revised Trust Act, thereby, this relationships will be dependent on individual interpretations. In this paper, applicability of the civil code and other legislations as well as a comparison to the Secured Bond Trust Act, which is the model of ‘Security Interest Trust', will examine compatibility of this regulation to ‘Security Interest Trust'. ‘Security Interest Trust' does not exist to create security interest without secured claims. Security interest and secured claims become interconnected through beneficial interest and thereby, overcome the separation of secured party and secured creditor. As a result, from an appendant nature's perspective, when the mortgagee is the creditor, ‘Security Interest Trust' can be viewed as a valid security device.