The trust Act hasn`t been changed in it`s original form since 1961. Therefore, the Korea Trust Act has been criticized as outdated and insufficient to deal with modern environment especially real estate part. In 2009 Ministry of Justice has been worki...
The trust Act hasn`t been changed in it`s original form since 1961. Therefore, the Korea Trust Act has been criticized as outdated and insufficient to deal with modern environment especially real estate part. In 2009 Ministry of Justice has been working on the revision of the Korea Trust Act. As all of this endeaver, the Korea Trust Act is passed in 2011. 7. This paper is written based on the draft prepared by the Trust Act Reform Commitee of the Ministry of Justice, and the amended the Korea Trust Act. Chapter Ⅱ of this article introduces the historical background of realestate trust business in Korea. and reviews the actual condition of real estate trust business. In chapter Ⅲ, this article reviews the Japan trust system focused on real estate trust business. In chapter Ⅳ, this article studies new Korea Trust Act concerning real estate. In this part, this article considers three important parts of new Korea Trust Act, which are fraudulent transfer in trust, trustee compensation and indemnification, and guarantee against defect. Finally, this article makes a suggestion development of real estate trust in future.