ACT ON THE PROCEDURE FOR LIMITING THE LIABILITY OF SHIPOWNERS, ETC.

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ACT ON THE PROCEDURE FOR LIMITING THE LIABILITY OF SHIPOWNERS, ETC. — 법갈피

Article 13(Deposit Bond in Substitution for Cash Deposit) #

(1) Where a petitioner files a petition for the commencement of proceedings for limiting liability, he/she may file a motion to permit substitution for cash deposit with the court by submitting a deposit bond issued by a deposit guarantor: Provided, That the foregoing shall not apply after the court issues a deposit order.

(2) When a motion under paragraph (1) is filed, the guarantor's capability to make a deposit shall be proved with supporting evidence.

(3) A deposit bond shall be in the form of a certified statement that guarantees the performance of the obligation to deposit an amount of money equivalent to the limit of liability for an amount clearly indicated by unit of account when a decision is made for the commencement of proceedings for limiting liability, along with interest calculated at the rate of six percent per annum on the aforesaid amount for a period from the date of accident or other accrual date determined by the court until the period designated by the court for court deposit, in compliance with the court's order.

(4) If the court holds that a motion under paragraphs (1) through (3) is appropriate, it shall make a decision to permit the deposit bond in substitution for a deposit order under Article 11 but shall apply Article 11 instead if it holds that the application is groundless.

(5) A decision to permit a deposit bond shall specify that the deposit guarantor set the limit of liability to be deposited and the interest accrual date and upon receiving the court's order, the deposit guarantor shall deposit an amount of money equivalent to the limit of liability, along with interest calculated at the rate of six percent per annum on the aforesaid amount for a period from the date of the interest accrual date until the date designated by the court for court deposit.

(6) A decision to permit or reject a deposit bond shall be served on the petitioner and the deposit guarantor.

(7) Once a decision to permit a deposit bond is made pursuant to paragraph (4), the deposit guarantor shall not change or revoke the deposit bond without the court's permission

(8) A foreign insurer, a shipowners' mutual protection and indemnity insurance association, or any other deposit guarantor who has no place at which he/she can be served within the Republic of Korea shall designate and report the place of service and the service recipient within the Republic of Korea to the court.

[This Article Wholly Amended by Act No. 9833, Dec. 29, 2009]

ACT ON THE PROCEDURE FOR LIMITING THE LIABILITY OF SHIPOWNERS, ETC.

Article 1(Purpose) #

Article 2(Jurisdiction over Liability Limitation Cases) #

Article 3(Transfer of Liability Limitation Cases) #

Article 4(Application Mutatis Mutandis of the Civil Procedure Act, etc.) #

Article 5(Oral Arguments at Discretion and Ex Officio Investigation) #

Article 6(Immediate Appeal) #

Article 7(Public Notice) #

Article 8(Public Notice and Service) #

Article 9(Petition for Commencement of Proceedings) #

Article 10(Proof with Supporting Evidence) #

Article 11(Deposit Order) #

Article 12(Submission of Original Certificate of Court Deposit) #

Article 13(Deposit Bond in Substitution for Cash Deposit) #

Article 14(Deposit Order to Deposit Guarantor) #

Article 15(Compulsion of Deposit Guarantor's Performance of Deposit) #

Article 16(Order of Suspension, etc. of Other Proceedings) #

Article 17(Rejection) #

Article 18(Dismissal) #

Article 19(Effectiveness of Proceedings for Limiting Liability) #

Article 20(Matters to be Decided Simultaneously with Decision of Commencement) #

Article 21(Public Notice, etc. of Decision to Commence) #

Article 22(Inspection of Petition Documents) #

Article 23(Immediate Appeal) #

Article 24(Order to Supplement Deposit, etc.) #

Article 25(Public Notice of Finality and Conclusiveness of Revocation of Decision of Commencement, etc.) #

Article 26(Limitation on Recovery of Deposit upon Revocation of Decision of Commencement) #

Article 27(Effect of Commencement of Proceedings) #

Article 28(Prohibition of Offset) #

Article 29(Lawsuit Challenging Compulsory Execution) #

Article 30(Lawsuit Challenging Exercise of Security Right) #

Article 31(Motion for Extension of Proceedings) #

Article 32(Decision to Extend Proceedings) #

Article 33(Cases where For-Profit Debtors are Deemed Petitioner) #

Article 34(Authority) #

Article 35(Supervision) #

Article 36(Duty of Care) #

Article 37(Administrator's Agents) #

Article 38(Remuneration, etc.) #

Article 39(Issuance of Qualification Certificate) #

Article 40(Resignation, etc. of Administrator) #

Article 41(Duties to Report Accounting and Emergency Dispositions) #

Article 42(Intervention) #

Article 43(Intervention Method) #

Article 44(Where any Person other than Petitioner or For-Profit Debtor Assumes Obligation to Fully Pay Limited Claims) #

Article 45(Period for Filing Reports of Limited Claims) #

Article 46(Report, etc. of Change) #

Article 47(Succession to Status of Intervenor) #

Article 48(Rejection of Report) #

Article 49(Suspension, etc. of Prescription) #

Article 50(Duty to Report Known Limited Creditors, etc.) #

Article 51(Preparation, etc. of List of Limited Creditors) #

Article 52(Keeping Reporting Documents of Limited Claims and Limited Creditor Record Cards) #

Article 53(Investigations of Limited Claims) #

Article 54(Appearance of Parties and Right to Raise Objections) #

Article 55(Appearance of Administrator) #

Article 56(Confirmation of Limited Claims with No Objection) #

Article 57(Judgment of Assessment) #

Article 58(Investigation, etc. by Administrator) #

Article 59(Lawsuit Challenging Judgment of Assessment) #

Article 60(Value of Subject Matter of Challenging Lawsuit) #

Article 61(Suspension of Lawsuit Proceedings) #

Article 62(Jurisdiction over Lawsuit outside Proceedings) #

Article 63(Transfer) #

Article 64(Joinder) #

Article 65(Appropriation of Fund) #

Article 66(Preparation of Dividends Distribution Statement) #

Article 67(Public Notice and Keeping of Dividends Distribution Statement) #

Article 68(Objection against Dividends Distribution Statement) #

Article 69(Distribution of Dividends) #

Article 70(Request for Withholding Distribution of Dividends) #

Article 71(Withholding of Distribution of Dividends) #

Article 72(Order to Reserve Expenses, etc.) #

Article 73(Effect of Distribution of Dividends) #

Article 74(Exclusion from Proceedings) #

Article 75(Distribution of Withheld Dividends) #

Article 76(Distribution of Additional Dividends) #

Article 77(Reporting on Completion of Distribution of Dividends) #

Article 78(Closing of Proceedings) #

Article 79(Compensation for Damages) #