Article 1(Purpose) #
The purpose of this Decree is to provide for matters necessary for the implementation of the Construction Machinery Mortgage Act. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
Article 2(Registration for Creation of Construction Machinery Mortgage) #
(1) A person who intends to register the creation of construction machinery mortgage shall file an application (including an electronic application) for registration of creation of mortgage on construction machinery pursuant to the attached Form with the Seoul Special Metropolitan City Mayor, Metropolitan City Mayor, or Do governor (hereinafter referred to as the "registration agency") with whom relevant construction machinery is registered, attaching documents (including an electronic document) to prove the creation of a mortgage. <Amended by Presidential Decree No. 14064, Dec. 31, 1993; Presidential Decree No. 18312, Mar. 17, 2004>
(2) In case where a person who has created a mortgage is not a debtor as provided in paragraph (1), the name or title and address of the debtor shall be entered in the application.
(3) With respect to the change or deregistration (including adjudication) of matters to be registered of a construction machinery mortgage, the provisions of Article 5 (1) shall apply mutatis mutandis and in cases where the chassis or motors are shifted, a written approval from interested parties or an authentic judgement through which is claimable against interested parties shall be attached to the application. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
Article 3(Registration of Joint Mortgage) #
(1) In a case where an application for registration for mortgage on not less than two pieces of construction machinery is filed to secure the same claim, transcripts of construction machinery certificate of other construction machinery shall be attached to the application for each piece of construction machinery. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
(2) In a case where an application to register mortgage is filed over other construction machinery to secure the claim which was already secured by registration of mortgage on construction machinery, the fact which a mortgage has already been registered shall be entered. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
Article 3-2(Priority Order of Registered Rights) #
(1) The priority order of the rights of the same class registered with respect to the same construction machinery shall be determined according to the sequence of the registrations.
(2) The priority order of the incidental registrations shall be that of the main registration, and the priority order among the incidental registrations shall be determined according to the sequence order of the registrations.
[This Article Newly Inserted by Presidential Decree No. 14064, Dec. 31, 1993]
Article 4(Transfer of Mortgage) #
(1) In case where an application for a registration transfer of construction machinery mortgage has been filed, the intention to the effect that the mortgage is to be transferred with the claim shall be entered in the application. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
(2) In case where an application for a partial transfer of a claim or a transfer registration of mortgage through performance by subrogation is filed, the claim amount which is the subject of the transfer or the performance by subrogation shall be entered in the application for the transfer registration of mortgage.
(3) The transfer registration of a construction machinery mortgage as provided in paragraphs (1) and (2) shall be written additionally. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
Article 5(Registration of Seizure, etc. of Mortgaged Construction Machinery) #
(1) In case where one wishes to seize mortgaged construction machinery through a disposition of tax in arrears, civil procedure or make a provisional disposition, a tax collection officer or process server shall entrust the registration of the seizure or provisional disposition to the registration agency. The same shall also apply in case where its change or deregistration (including public auction dispositions) has been entrusted. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>
(2) In case where the registration under paragraph (1) has been entrusted, the provisions of Article 2 shall apply mutatis mutandis.
Article 6(Subrogation by Creditor) #
In case where a creditor files an application for registration in subrogation of the debtor as provided in Article 404 of the Civil Act, he shall sign and seal the application after entering the names or titles, addresses of the creditor and debtor, and the cause of subrogation and shall also provide a document to prove the cause of subrogation annexed thereto.
Article 7(Correction of Registration) #
(1) In case where the registration agency finds an error or omission in relation to the registration after it has been made, as provided in Articles 2 through 4, the agency shall correct the registration by writing additionally and notify without delay the registrant of its intention.
(2) In case where the registration is made by the application as provided in Article 6 (1), it shall also be reported to the creditor.
(3) In case where an application for correction of registration, due to an error or ommission in relation to the registration, is filed, the correction of the registration shall be made only when there is no person interested or when a written acceptance from persons interested or an authentic judgement which is claimable against persons interested is attached to the application.
Article 8(Applicable Provisions) #
With respect to the registration of a construction machinery mortgage, except as otherwise provided in this Decree, the Enforcement Decree of the Construction Machinery Management Act shall apply. <Amended by Presidential Decree No. 14064, Dec. 31, 1993>