信託關係下利益衝突之研究-以忠實義務規範為中心

Abstract

英美法上，信託機制一直在跨世代財富移轉上具有舉足輕重的地位，而基於金融投資目的以進行資產管理的現代信託趨勢，更是對於信託之於商法領域的重要性有所強化，也因此使得「信託治理」成為一個日趨重要的法律課題。有鑑於此，本論文以信託治理之重要支柱—忠實義務規範作為主要論述對象，探討忠實義務規範應如何定性、如何在契約彈性與代理成本監控、外部成本節制等議題間取得平衡，又，忠實義務規範的軸心內涵為何，其與完全禁止利益衝突狀態之單方利益法則間如何彼此作用等諸多問題，亦深值研究。結論上，本文認為信託法應將忠實義務規範予以明文化，並且以此為起點，將忠實義務規範的任意法定性與其界限，以及最佳利益法則與其配套皆納入規範，以落實忠實義務規範的核心價值、保護並追求信託關係下受益人權益的最大化。

Based on English and American law, trust mechanism has always been the key position on the transmission of trans-generational wealth. The current trend of trust through adopting asset management for the purpose of financial investment, the significance of trust to the field of commercial law is as well increasing. Thus making “trust governance” an important assignment in law studies. For the above reason, this thesis paper is to discuss the main pillars of trust governance from the duty of royalty perspectives. The aims of this paper are to explore how the characteristics of duty of royalty normative are defined; and to further investigate how to reach balance among the following issues: contract flexibility, monitoring agency cost and regulation of external cost. Moreover, problems such like the core features of duty of royalty normative, and how it interact with the sole interest rule under the situation of absolute conflicting-interest prohibition are worth paying attention. In conclusion, trust law should code duty of royalty normative into legislature. As a spring board, further define the characteristics of duty of royalty normative’s default rule and set its boundary, one should also include the best interest rule and alternatives, to fulfill the sake of maximizing and protecting the beneficiaries’ welfare under the relationship of trust.