• Journal of Legislation Research
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• no.54
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• pp.217-259
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• 2018

The Trust Act, which was first enacted back in 1961, was fully revised on 25. July 2011 and enacted on 26. July 2012. The Act is a fundamental norm governing trust relation, so the revision was expected to play an important role to promote trust institutions. However many problems were also revealed after the enactment. The Act has already inherent limitations because the previous discussions were not enough and the amendment process was not meticulously reviewed. Now it is needed to consider the comprehensive amendment of the Act reflecting detailed legal doctrines developed hitherto by the courts and the legal academia. This paper aims to call for the revision of the Act and to propose the ways and the grounds for revision. The purpose of the revision is to rectify obvious errors on several provisions, to minimize legal uncertainty by presenting detailed rules on many issues, to enhance the coherence and consistency between the rules along with supplementing the relevant laws, and to strike a proper balance between the parties.