信託受益權의 消滅時效

The Extinctive Prescription of beneficial interests in a trust

&nbsp;&nbsp;1. The purpose of this study is to analyze the Extinctive Prescription of beneficial interests in a trust. It is the most important thing for the beneficiary that taking the right of the &quot;interests of the beneficiaries&quot; which has the core statue in the system of the trust . But there is no Extinctive Prescription about beneficial interests under the Trust Act, so the Extinctive Prescription of the Civil Law has been applied to it.<BR>&nbsp;&nbsp;It is more convenient to understand or adopt the concept of it separately in a different way. Therefore I suggest that it would be more efficient to understand &quot;the beneficiary-right in a narrow sense&quot; which is a claim of performance to a benefit-of-trust(die Leistung in German) and that of a board sense which is a monitoring function to the trust.<BR>&nbsp;&nbsp;The formal includes ① the benefit-of-trust of the basic right and the derived right ② &quot;the claim of transfer to the trust propertiy&quot; at the termination of the trust. Therefore interests of the beneficiaries are piled one right on another right, it is the character of interests of the beneficiaries. So it is necessary to consider the character when the Extinctive Prescription of the Civil Law is applied to it.<BR>&nbsp;&nbsp;2. After the termination of the trust, it is turned into a constructive trust for a rightful person in the Trust Act §61. The meaning of this section is that he can exercise his right, or the claim of transfer to trust property. Therefore it is the claim of the law of obligations, and Extinctive Prescription of the Civil Law has been applied to it. The interests of the beneficiaries are lapsed by the term of the Extinctive Prescription of the Civil Law §162.<BR>&nbsp;&nbsp;There are many opinions on the necessity of &quot;the invoking a clause&quot; in the Extinctive Prescription. I think that it is one of the necessary condition.<BR>&nbsp;&nbsp;When the interests of the beneficiaries are lapsed by the term of the Extinctive Prescription, the trust property will belong to the trustee. Because he has had it from the first.