不動産信託에서의 受益權 流動化에 관한 法的 考察 = A study on securitization of beneficial interest in real estate trust

다국어 초록 (Multilingual Abstract)

Under the present real estate trust system, we finance land development project through financial institutions like banks, so although the future seems lucrative, if financing from these institutions is interrupted, the real estate trust business can get into trouble.

To overcome the difficulty in getting loans, it is necessary to take a more positive action and create new ways which can secure the supply of funds.

Among the ways that can be thought of, is the so called Japan styled system which combines the advantages of both real estate trusts and monetary trusts, making the capital flow to each other possible.

In REITs(Real Estate Investment Trusts) of U.S.A. real estate has become securitized. It structures pools from a number of individual investors, allowing them to participate in a portfolio of properties similar to that of mutual funds for common stock investors.

Also, we can continue with our present financial system whereby we get loans from financial institutions, but regulations should be established for such institutions to make funds with fixed rate of deposits available so that the funds can be utilized in real estate trusts.

Securitization of property activates real estate trust business. Real estate is generally regarded by lenders as excellent security for a loan, and lenders acquire a comparably high interest in the real estate with a mortgage, which enables its direct and long-term finance from private or public investors. After all with the direct finance from individual investors and thus widened ownership of properties the best use of real estate can be achieved.

As for the financial institutions which circulate mortgaged properties it becomes easier for them to satisfy their demand of cash flow. Thereby such institutions' financial status stablizes making it possible to provide loans to borrowers at low interest rate. Finally, it's used as funding for real estate development.

Along with all these efforts to activate real estate business through smoother finance, It's also necessary to establish sophisticated laws to regulate it. Therefore many concerned people may find a way of co-operating and create new employment opportunities.

목차 (Table of Contents)

• 第1章 序 論 1
• 第2章 不動産信託制度 4
• 第1節 信託의 基礎理論 4
• Ⅰ. 信託의 意義 4
• Ⅱ. 信託의 特徵 5
• Ⅲ. 우리나라 信託法의 特徵 9
• 第2節 不動産信託制度 13
• Ⅰ. 不動産信託의 意義와 機能 13
• Ⅱ. 不動産信託의 類型 16
• Ⅲ. 不動産信託의 法的 構成 20
• 第3章 受益權 流動化를 위한 不動産投資信託制度의 考
• 察 46
• 第1節 序 說 46
• Ⅰ. 不動産投資信託의 意義 48
• Ⅱ. 不動産投資信託의 性格 50
• Ⅲ. 契約型 不動産投資信託과 會社型 不動産投資信託의 區別 53
• 第2節 外國의 不動産投資信託制度 55
• Ⅰ. 美國의 不動産投資信託(REITs) 55
• Ⅱ. 濠洲의 上場不動産信託證券(LPT) 58
• Ⅲ. 日本의 特定目的會社(SPC)制度 62
• Ⅳ. 美國․濠洲․日本의 不動産投資信託制度 比較 67
• 第3節 契約型 不動産投資信託制度 69
• Ⅰ. 契約型 不動産投資信託制度의 意義 69
• Ⅱ. 契約型 不動産投資信託制度의 法的 根據 69
• Ⅲ. 契約型 不動産投資信託制度의 法的 性格 71
• Ⅳ. 契約型 不動産投資信託制度의 構造 71
• 第4節 會社型 不動産投資信託制度 76
• Ⅰ. 不動産投資會社法의 施行 76
• Ⅱ. 不動産投資會社法의 內容과 特徵 77
• 第5節 契約型 不動産投資信託과 會社型 不動産投資信託의 比較 82
• Ⅰ. 契約型 不動産投資信託의 長點과 短點 83
• Ⅱ. 會社型 不動産投資信託의 長點과 短點 83
• Ⅲ. 小 結 85
• 第4章 不動産信託에서의 受益權 流動化와 不動産投資信託의 活用 88
• 第1節 不動産信託에서의 受益權 89
• Ⅰ. 受益權의 發生 90
• Ⅱ. 受益權의 性質 91
• Ⅲ. 受益者間의 關係 92
• 第2節 受益權의 流動化 93
• Ⅰ. 受益權의 讓渡 및 質權設定 94
• Ⅱ. 受益權證書 流動化의 公示方法 導入 96
• Ⅲ. 受益權證書 流動化의 補完事項 97
• Ⅳ. 資産流動化에 관한 法律의 活用 98
• 第3節 새로운 類型의 受益權 流動化 102
• Ⅰ. 受益權證書擔保債權 103
• Ⅱ. 持分型 受益權證書 106
• 第4節 不動産投資信託의 活用 109
• Ⅰ. 契約型 不動産投資信託의 活用 109
• Ⅱ. 不動産投資會社의 活用 112
• 第5章 結 論 120