| 英文摘要 |
The agency problem exists in a trust relationship, because a trustee, as a legal owner but an equitable owner, has discretionary power of management over trust property. The fiduciary duty, including the duty of care and the duty of loyalty, can be used to effectively mitigate the agency problem to some degree. The duty of loyalty, which is deemed the most fundamental to a trust, thus requires a trustee to manage the trust in the best interest of the beneficiary and possibly avoid all conflicts of interest. However, Taiwan Trust Act has no provision clearly stating the duty of loyalty, which makes it difficult for such duty to be applied in practice. The U.S. trust law which has developed a variety of rules regulating the duty of loyalty in a comprehensive manner and many of them have been codified into a model code, can be a good source for Taiwan to consider how to explain or reform its trust law. After referring to the Restatement (Third) of Trusts, Uniform Trust Code, and a body of academic literature, this Article is expected to offer some insights into the current provisions of the Taiwan Trust Act and its future reform. |
