신탁법상 원상회복책임과 이득토출책임에 대한 연구 – 영국의 논의를 바탕으로 - = Disgorgement of Profits and Unjust Enrichment in Trust Law

다국어 초록 (Multilingual Abstract)

The disgorgement of profits set out in Article 43(3) provides exceptional relief, preventing the trustee from realizing any gains resulting from a breach of the trustee's fiduciary duty.  Before the enactment of article 43(3), there have been debates by legal scholars whether any legal basis already existed for disgorgement of profits in South Korea. "Unjust enrichment" and "management of another's affairs(negotiorum gestio)" were traditional remedies available to an injured party, however the legal basis for disgorgement of profits was tenuous. Thus, the legislature found it necessary to specially enact Article 43(3) to be able to impose this remedy.  However, no case law has been developed so far and Article 43(3) is often overlooked due to its obscurity.
To better understand it, this paper first examines the restitution by subtraction and restitution for wrongs. Then, this paper take closer look at one of the latter, the basic principles of disgorgement of profits in a breach of trustee's fiduciary duty in Anglo-American jurisprudence. In Anglo-American jurisprudence, the purpose of disgorgement of profits is to strip profits if they are gained in a breach of fiduciary duty owed by the trustee to its beneficiaries. Deterrence and prophylaxis are the strongest rational for disgorgement of profits for trustees. As a corollary to it, this paper also argues that the disgorgement of profits remedy should be applied to a corporation's board of directors.

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