從Hohfeld權利概念的觀點論不動產投資信託的權利結構

Analyzing the Rights Structure of Real Estate Investment Trusts from the Perspective of Hohfeld’s Rights Conception

不動產投資信託在我國尚屬新興之金融商品，在體系架構上係承襲美國法制而來，並以信託機制作為組織架構。惟因我國財產法大體上採德、日立法例，上開承襲英美法制之信託架構，在物權與債權嚴格區分的我國財產法制中，首先便面臨誰是財產所有權人的問題，其次則為信託之法律關係究係債權關係或是物權關係的問題。以德國法傳統所有權的理論以及物權、債權二元模式分析信託制度，在理論和實踐上常常陷入困境。本文乃試圖藉助分析實證主義法學中，Hohfeld對權利－義務等基本法律概念分析的學說，來銓釋不動產證券化中有關不動產投資信託的權利結構關係，希望有助於對不動產投資信託的權利結構與法律關係，獲得更清晰的輪廓。 The real estate investment trusts (REITs), whose structure inherits from Anglo- American legal system and organized by trust mechanism, are still a new financial product in our country. With regard to the strictly distinction of property rights and creditor’s right of our legal system, which follows Continental Legislative tradition (i.e. German, Japanese, etc.), however, we have encountered the issue of who is the real owner of the property. The second issue REITs encountered, is the true nature of legal of Trust --- whether it’s a relationship of real property rights or creditor’s right. In addition, the theory and the analytic approach of German legal system always get into scrapes in the investigation of trusts. Thus, to make the framework of its rights structure and legal relationship clear, this article is attempts to utilize Hohfeld’s fundamental legal conception of analytical positivism jurisprudence to explain the relationship of rights structure of real estate investment trusts.