Article 1(Purpose) #
The purpose of this Act is to provide for the smooth execution of construction projects by enhancing movable property, the credit of construction equipment. <Amended by Act No. 4561, Jun. 11, 1993>
Article 2(Definition) #
For the purpose of this Act, the term "construction machinery" means construction machinery registered under the Construction Machinery Management Act. <Amended by Act No. 4561, Jun. 11, 1993; Act No. 7694, Nov. 8, 2005>
Article 3(Subject Matter of Mortgage) #
Construction machinery may be the subject matter of a mortgage. <Amended by Act No. 4561, Jun. 11, 1993>
Article 4(Contents of Mortgage) #
A mortgagee has the right to obtain satisfaction of his claim in preference to other creditors out of the realized money which has been provided by the debtor or by a third party as security, without transferring possession. <Amended by Act No. 4561, Jun. 11, 1993>
Article 5(Registration of Mortgage) #
(1) The acquisition, loss and change of a mortgage shall not enter into force unless it is registered on the construction machinery register under Article 7 (1) of the Construction Machinery Management Act. <Amended by Act No. 4561, Jun. 11, 1993; Act No. 7694, Nov. 8, 2005>
(2) The execution of rights, such as attachment or injunctive relief on construction machinery over which a mortgage was created, shall enter into force upon their registration on the construction machinery register. <Amended by Act No. 4561, Jun. 11, 1993>
(3) The registration under paragraphs (1) and (2) shall be prescribed by the Presidential Decree. <Amended by Act No. 7694, Nov. 8, 2005>
Article 6(Exercise of Mortgage) #
(1) When a mortgagee is notified under Article 6 (3) of the Construction Machinery Management Act, he may exercise his rights immediately against the relevant construction machinery. <Amended by Act No. 4561, Jun. 11, 1993; Act No. 7694, Nov. 8, 2005>
(2) In a case where a mortgagee wishes to exercise a mortgage under paragraph (1), he shall initiate the exercise within three months from the date of receipt of the notification. <Amended by Act No. 7694, Nov. 8, 2005>
(3) The registration office of construction machinery shall not delete the registration of relevant construction machinery until the exercise of a mortgage terminates. <Amended by Act No. 4561, Jun. 11, 1993; Act No. 5454, Dec. 13, 1997; Act No. 7694, Nov. 8, 2005>
(4) In a case where the decision to grant adjudication becomes final, no application is deemed to be filed for construction machinery to which an application for cancellation of registration has been filed under Article 6 (1) of the Construction Machinery Management Act. <Amended by Act No. 4561, Jun. 11, 1993; Act No. 7694, Nov. 8, 2005>
Article 6-2(Prohibition of Establishment of Mortgage Right) #
The construction machinery shall not be made an object of mortgage right.
[This Article Newly Inserted by Act No. 7694, Nov. 8, 2005]
Article 7(Ban on Damages, etc.) #
An owner of construction machinery shall not damage or disassemble the construction machinery, the subject matter of a mortgage, for the purpose of harming the mortgagee. <Amended by Act No. 4561, Jun. 11, 1993>
Article 8(Regulations Applied Mutatis Mutandis) #
Regulations on mortgage right among the Civil Act shall be applied mutatis mutandis to the construction machinery mortgage right, except what are provided in this Act.
[This Article Newly Inserted by Act No. 7694, Nov. 8, 2005]
Article 9(Penal Provisions) #
A person who has violated the provisions of Article 7 shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won.
[This Article Wholly Amended by Act No. 7694, Nov. 8, 2005]