earticle

영어

The revised Korean Trust Act shall be in force from 25. July 2012. It is aimed to keep pace with the practical needs and demands of participants in trust transaction. The existing trust act has been often criticized as being outdated and inadequate for resolving many legal and practical issues currently faced in the areas of trust law. The revised act shows that the avoidance of fraudulent trusts should be dealt with differently from the traditional avoidance of fraudulent conveyance both in respect of the avoidance of the acquisition of the trust property by the trustee and the acquisition of benefits by the beneficiaries. This article analyses the pertinent interests of the participants, who are involved in trust transaction and opposes to the attitude of the revised act with the alternative, that the avoidance of fraudulent trust should be resettled according to the various forms and characters of fraudulent transaction. It explains also in relation to bankruptcy avoidance how this should be in accordance with the avoidance of fraudulent trust in the revised trust act.