신탁법 개정에 따른 자본시장법상 투자신탁의 신탁관계에 관한 고찰

With the development of society, trust has been applied to a wide range of fields including commercial and real estate trust. However, not only are special acts whose grounds are not found in general acts difficult to be recognized for their legitimacy, but they can also have a difficult time presenting a set of clear criteria to resolve potential legal issues even after their legitimacy has been recognized. In responding to such social needs and need for legal revisions, the Trust Act has provided jurisprudential grounds to be applied to a variety of fields through revisions. Unit trust is a collective investment scheme based on the jurisprudence of trust. A lot of jurisprudence of trust is reflected in unit trust including overlapping of legal status such as settlor-beneficiary trust, the legal status of collective investment business entity as truster and trustee, collective investment for joint trusters and joint beneficiaries, and the principle of limited-liability trust of collective investment business entities and trust businesses. Unit trust has formed a special legal relation as a collective investment scheme of trust format for financial investment. It was difficult to find grounds for such legal relations under the old Trust Act. The legal ground for unit trust will be sub-trust in the Trust Act revised according to the legal trust theory regarding trust relations. Finally, the study compared the rights and obligations of the person concerned in the Trust Act with those in unit trust. The status of the person concerned in unit trust is the combination of his or her status in the Trust Act and his or her rights and obligations as financial investor. The revised Trust Act tried to define the rights and obligations of the person concerned clearly and reinforced his or her responsibilities by stipulating the general duty of loyalty.