Real Owner’s Registration of Real Estate Act Art. 4 prescribes that both the contract of ownership trust and the registration of real estate, is void.In case of ownership trust between 2 persons, it has no problem when we interpretate Art. 4. Because the parties of contract and that of registration corresponds. But in case of ownership trust between 3 persons, it does not correspond the parties of contract and that of registration. Right from here, many problem arise. Especially, Art. 12 prescribes that after days of grace, the contract of ownership trust which had been concluded before the Act came into effect, is void too. In association with the interpretationof Art. 12, I believe the Supreme Court announced a contradictory decision.I think the conclusion is right with all contradiction. But I think in case of ownership trust which had been concluded before the Act came into effect, there is no reason to distinguish which category it belongs. And the Act needs to be amended to iron out all the confusion it brings.