If an order commencing bankruptcy proceedings is issued against trust property, even when an order commencing bankruptcy proceedings is issued against the trustee, a person that holds a trust claim and a beneficiary may participate in the bankruptcy proceedings with regard to the entire amount of the claim that each of them holds at the time of commencement of bankruptcy proceedings.
If an order commencing bankruptcy proceedings is issued against the trust property, a trust claim has precedence over a beneficial claim.
信託財産について破産手続開始の決定があったときは、信託債権は、受益債権に優先する。
A beneficial claim and a consensually-subordinated bankruptcy claim have the same priority; provided, however, that a consensually-subordinated bankruptcy claim may be given preference over a beneficial claim by the provisions of the terms of trust.
受益債権と約定劣後破産債権は、同順位とする。ただし、信託行為の定めにより、約定劣後破産債権が受益債権に優先するものとすることができる。