Trust Act 2006 was the first full-fledged revision in 84 years since the enactment of the Former Trust Act, with no significant revision having been made during this period. This revision scaled up the Former Trust Act, which contained 75 Articles, into the one with as many as 271 Articles (excluding the clauses concerning charitable trusts). In this respect, it is more like making a new statute rather than changing the existing one.
The modern trust system was first introduced to Japan in the Meiji Era. Initially, due to the ambiguity of the definition of trust, unwholesome dealers sprouted up one after another under the name of trust business. In response to the growing need to enact a trust law in order to crack down on such dealers, the Former Trust Act was established as the basic law on trust. Due to such historical backdrop, the Former Trust Act was of extremely regulatory nature …
Watanabe, Hiroyuki, Trust Act 2006 in Japan – Current Basic Act on Trusts in Japan (December 20, 2020).