CHAPTER I GENERAL PROVISIONS
Article 1(Purpose) #
The purpose of this Act is to prevent delay in litigation, to ensure prompt realization of rights and duties of the people, and to facilitate the settlement of disputes.
[This Article Wholly Amended by Act No. 9818, Nov. 2, 2009]
Article 2(Scope of Special Cases) #
This Act prescribes special cases concerning statutory interest rates, demand procedures and criminal procedures in order to achieve the purpose of Article 1. <Amended by Act No. 12780, Oct. 15, 2014>
[This Article Wholly Amended by Act No. 9818, Nov. 2, 2009]
CHAPTER II SPECIAL CASES CONCERNING STATUTORY INTEREST RATES
Article 3(Statutory Interest Rates) #
(1) Where an order to perform all or any monetary obligations (including judgment; hereinafter the same shall apply) is adjudicated, statutory interest rates constituting standards for computing the amount of indemnification for damages resulting from the default of monetary obligations shall be in accordance with the interest rates prescribed by Presidential Decree in consideration of economic conditions, such as the interest rate on delayed payments, and other relevant aspects applied by banks under the Banking Act, etc., within the extent of 40/100 per year from the day next to the day on which a written complaint demanding the performance of such monetary obligations or a document corresponding thereto was served on the obligor: Provided, That this shall not apply to cases falling under the lawsuit prescribed in Article 251 of the Civil Procedure Act. <Amended by Act No. 10303, May 17, 2010>
(2) Where it is deemed reasonable for an obligor to contest whether he/she is responsible for the performance of obligations or the extent thereof not later than a ruling that the obligor is responsible for the performance of such obligations at a fact-finding proceeding is adjudicated, paragraph (1) shall not apply to the reasonable extent.
[This Article Wholly Amended by Act No. 9818, Nov. 2, 2009]