FACTORY AND MINING ASSETS MORTGAGE ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to devise plans for the preservation and sound development of enterprises, development of underground resources and growth of industries by properly regulating the structure of factory foundations or mining foundations, and the legal relationship of establishment, registration, etc. of mortgages over each foundation so that the owners of factories or mining rights holders may secure funds.

Article 2(Definitions) #

For the purposes of this Act, the definitions of the terms used in this Act shall be as follows:

1. The term "factory" means a place used for manufacturing, processing, printing, photographing, broadcasting or supplying electricity or gas for business purposes;

2. The term "factory foundation" means a pool of enterprise property comprised of specific business property which belongs to the factory and becomes the object of ownership and mortgage under this Act;

3. The term "mining foundation" means a pool of enterprise property comprised of all kinds of equipment to dig and collect minerals and of the equipment for businesses annexed thereto, which becomes the object of ownership and mortgage under this Act.

CHAPTER II FACTORY FOUNDATION

SECTION 1 Mortgage over Land and Building of Factory

Article 3(Mortgage over land of factory) #

A mortgage established by the owner of a factory over land belonging to the factory shall have effect on the things attached to the land, on the machinery and apparatus installed on the land, and on other preparations of the factory; provided, where there is a special agreement on the establishment of a mortgage, or the creditor can annul the debtor's acts under Article 406 of the Civil Act, this shall not apply.

FACTORY AND MINING ASSETS MORTGAGE ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Mortgage over land of factory) #

Article 4(Mortgage over factory building) #

Article 5(Registration of special agreements) #

Article 6(List of objects of mortgage) #

Article 7(Extension effect of mortgage) #

Article 8(Scope of effect of seizure) #

Article 9(Separation of objects of mortgage) #

Article 10(Establishment of factory foundations) #

Article 11(Registration of initial ownership of factory foundation) #

Article 12(Unity of factory foundation) #

Article 13(Constituent elements of factory foundations) #

Article 14(Prohibition of transfer of constituent elements of factory foundations) #

Article 15(Prohibition of transfer of prearranged constituent elements of factory foundation) #

Article 16(Deferment of decision on permission for sale) #

Article 17(Effect of registration of seizure after application for indefeasible registration) #

Article 18(Division and merger of factory foundations) #

Article 19(Effect of division and merger) #

Article 20(Separation of constituent elements of factory foundations) #

Article 21(Extinguishment of factory foundations) #

Article 22(Jurisdiction over seizure of factory foundations) #

Article 23(Individual auctions and bidding of factories) #

Article 24(Provisions to be applied mutatis mutandis) #

Article 25(Competent registration office) #

Article 26(Change in jurisdiction following division of factory foundation) #

Article 27(Merger of factory foundations and competent registration office) #

Article 28(Realfolium) #

Article 29(Formulation of registration record) #

Article 30(Matters to be registered in title page) #

Article 31 #

Article 32(Application for registration of initial ownership of factory foundation) #

Article 33(Reporting of rights by interested parties) #

Article 34(Dismissal of application for indefeasible registration of ownership) #

Article 35(Registration on belonging to factory foundation) #

Article 36(Effect of list of factory foundation) #

Article 37 #

Article 38 #

Article 39 #

Article 40(Dismissal of establishment registration of mortgage) #

Article 41(Measures following registration of establishment of mortgage) #

Article 42(Application for registration for alteration) #

Article 43(Registration for alteration and change in jurisdiction) #

Article 44 #

Article 45 #

Article 46(Registration for alteration and prohibition of disposal) #

Article 47(Registration for alteration and destruction of constituent elements of factory foundation) #

Article 48(Registration of extinguishment of factory foundation) #

Article 49(Entrusting registration of extinguishment due to auction) #

Article 50(Closure of registration record of factory foundation) #

Article 51(Application mutatis mutandis of the Registration of Real Estate Act) #

Article 52(Establishment of mining foundations) #

Article 53(Composition of mining foundation) #

Article 53-2(Matters to be entered in title page) #

Article 54(Application mutatis mutandis of provisions concerning mining foundations) #

Article 55(Revocation of mining rights and mortgages) #

Article 56(Business closure of mining rights holders and mortgages) #

Article 57(Participation in auction by unincorporated juristic person) #

Article 58(Procedures where unincorporated juristic person is purchaser) #

Article 59(Reauction) #

Article 60(Penalty provisions on disposal of objects) #

Article 61(Complaints) #