Notable Cases on the Law of Trusts

Abstract

Korea, a civil-law jurisdiction, legislated the Trust Act in 1961 to adopt the trust originating from common law. However, there was criticism of the contemporary relevance of this Act because it did not correspond with the prevailing economic realities. The Trust Act, therefore, was thoroughly revised to meet international standards and to invigorate the trust system in Korea, and the revised Trust Act came into effect as of July 26, 2012. Consequently, unprecedented interest has been given to the trust and disputes revolving around them is on the increase. The cases introduced below are very meaningful and related to the essence of the trust, and therefore their implications remain valid under the revised Act even though the previous Act was applied to them.