PURPOSE: To obtain the titled polymer which is easily cured and gives a coat excellent in adhesion to a base material and adhesion during processing, by the reaction of a specified hydroxy-terminated polyester with (meth)acrylic acid.

CONSTITUTION: A (meth)acryloyloxy-terminated polyester is prepared by reacting a hydroxy-terminated polyester of number-average MW 400W5,000, composed of a dibasic acid unit consisting of 10W80mol% (hereinafter referred to as percent) terephthalic acid and 90W20% other dibasic acid units, pref. of 10W80% terephthalic acid unit, 10W80% isophthalic acid unit and 4C or higher saturated dibasic acid unit and 0W50% other dibasic acid units, in a mol ratio of the isophthalic acid unit to the terephthalic acid unit of 0.3W3, and in a molecule ratio of the 4C or higher saturated dibasic acid unit to the total of the terephthalic acid unit and the isophthalic acid unit of 1/9W1, and a dihydric alcohol unit contg. 30% or more 3C or higher dihydric alcohol, with (meth)acrylic acid, to introduce the (meth)acrylic gp.