Historically, Myungeui Trust(in real words, the Rent-A-Title System) has functioned as a means of destroying, by Japanese imperialism, a corporate juridical person like the families of the same clan.
From then on, Myungeui Trust, for about 70∼80 ye...
Historically, Myungeui Trust(in real words, the Rent-A-Title System) has functioned as a means of destroying, by Japanese imperialism, a corporate juridical person like the families of the same clan.
From then on, Myungeui Trust, for about 70∼80 years, has caused the speculation in the marginal profit gained from the real estate and assumed the form of excessive possession of it by minorities, simultaneously resulted in a high rise in prices in real estate market.
Government has introduced many other regulations to control the abuses of Myungeui Trust, but in the real estate market, there has not been a satisfactory analysis and such an effective result that authorities concerned expected.
Finally Government has decided to introduce the Real Name Registration Act and prohibit the Myungeui Trust, making its private-validity ineffective against the Supreme Court's decision.
The Real Name Registration Act is a determined reform to cure and terminate the abuses in the nation's economic and legal life resulting from inconsistencies between the name on a registration record and that of the real.
Hereafter, on the basis of The Real Name Trust, we should acknowledge Pubic Confidence in Registration, Papers about Sources of Registration and allow the registry officials the right to inspect Registration substantially. Likewise the right to demand compensation from the State for the loss caused by defect of the registration record should be given to the people.
Especially Nation-Wide-Registration-Network-System will be an effective tool to correspond the name on a registration record and that of the real.
In addition, it will justify the government's intervention in the real estate market and in the long term, contribute to normalize the real estate market price.
The new real estate policy, to win the Confidence among people, should be oriented to the impartial taxation, the relief of many trivial regulations interfering the forming of normal market price and enlargement of infrastructure funds.
This steps should be taken gradually and consistently.
The Main Topics of contents are as follows;
1. The origin(e.g.historical meaning), definition, peculiar characteristics, and types of Myungeui Trust.
2. Theories about legal relationships on Myungeui Trust before the Real Name Registration Act being in effect.
3. The abuses of Myungeui Trust in the legal and economic life, regulations of them based on Policy-Mix(the Policy-Mix is the conception considering the regulative policy of long-term and short-term policy-effect on the real estate market) and the proposals focused on alleviation of regulations and enlargement of the Supply like that of infrastucture funds.
4. The major regulations can be divided into three main aspects:
i) Regulation through regarding Myungeui Trust as Donation(the Law of Sucession §32-2).
ii) The Special Management Act on Registration Record.
iii) The Real Name Registration Act.
5. The analysis of the complete competitive real estate market:
The process of inducting the Supply and Demand Curve, and the balanced price and the balanced quantity in contrast with those in the monopolistic real estate market.
6. The essential contents of the Real Name Registration Act(focsed on the legal relationships).
7. A theory about legal relationship on Myungeui Trust after the Real Name Registration Act being in effect.
8. Nation-Wide-Registration-Network-System: Only after this being set forth beforehand, the Real Name Registration Act can be effective and will also be an effective tool to cope with the changing real estate circumstances.