A Study on the Trustee Entity under the Real EstateSecuritization Act (Draft)

• Main Authors: Chung-Ming Lai, 賴忠明
• Other Authors: Hwai-Tzong Lee
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/34875x

碩士 === 逢甲大學 === 土地管理所 === 91 === The legislative purposes for the Real Estate Securitization Act (Draft) are to divide the real estate assets into securities, to improve the national economy, to increase the flexibility of investments in real estate, to protect real estate investments and to enable the securitization of real estate investments. This paper discusses the meaning, purpose and contents of real estate securitization under the draft of the Real Estate Securitization Act and the resulting impact such Act will have once adopted. It examines and compares two different legal systems of land trusts: the American lands trust system and the Japanese land trust system. It also discusses the proposed statutory provisions relating to the trustee entity and the trust property and the limitations on the powers of the trustee entity and its management of the trust property. Finally, this research identifies a number of issues that are likely to arise in the future in the implementation of the Act and the securitization of real estate and concludes with recommendations regarding how such issues can be addressed so that the Act will work effectively to achieve its intended purposes. 1. The Draft is too restrictive to choose only the system of “trust”. 2. There is too narrow about only the trust department of the financial organization could be the trustee entity in the Draft. 3. There is no equivalent legal position between the trustee entity in the Draft and the institutes of real estate. 4. The trustee entity should not decide the trust supervisor. 5. The Draft should increase the intents for the investors.