ACT ON SECURITY OVER MOVABLE PROPERTY AND CLAIMS

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to facilitate the borrowing of funds and safety in financial transactions and to contribute to the robust development of the national economy by providing for matters regarding security interests in movable property, obligations, and intellectual property rights, and the registration or record thereof. <Amended on May 19, 2011>

Article 2(Definitions) #

The terms used in this Act shall be defined as follows: <Amended on May 19, 2011; Oct. 20, 2020>

1. The term "security agreement" means an agreement for providing a movable asset, obligation, or intellectual property right as security in accordance with this Act, in whatsoever name, including transfer for security;

2. The term "security interest in movable property" means a registered security interest in movable property (including two or more movable assets or a movable asset expected to be acquired in the future) pursuant to a security agreement;

3. The term "security interest in an obligation" means a registered security interest in a nominative obligation (including two or more obligations or a prospective obligation) for the payment of money pursuant to a security agreement;

4. The term "security interest in an intellectual property right" means a registered security interest in an intellectual property right (limited to where a pledge can be established under an Act; the same shall apply hereinafter), such as a patent right, utility model right, design right, trademark right, copyright, and right to a layout design for a semiconductor integrated circuit, in accordance with a particular Act regulating such intellectual property right, under a security agreement;

5. The term "person who has created a security interest" means a person who has created a security interest in a movable asset, obligation, or intellectual property right in accordance with this Act; provided, the foregoing shall apply only to a corporation (referring to a commercial corporation, a corporation prescribed in the Civil Act, a corporation under a special Act, or a foreign corporation; the same shall apply hereinafter) or a person who has registered his or her business in accordance with the Value-Added Tax Act, if the property provided as security is a movable asset or obligation;

ACT ON SECURITY OVER MOVABLE PROPERTY AND CLAIMS

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Collateral for security interest in movable property) #

Article 4(Cancellation of registration of business of person who has created security interest and effect of security interest in movable property) #

Article 5(Continuing security interests) #

Article 6(Duty to state clearly of persons who intend to create security interests in movable property) #

Article 7(Effect of registration of collateral security) #

Article 8(Extent of security interests in movable property) #

Article 9(Indivisibility of security interests in movable property) #

Article 10(Extent of effect of security interests in movable property) #

Article 11(Effect on negligence) #

Article 12(Scope of secured claims) #

Article 13(Transfer of security interests in movable property) #

Article 14(Real subrogation) #

Article 15(Satisfaction with assets other than collateral) #

Article 16(Right to indemnity of persons pledging property to secure third party's obligation) #

Article 17(Inspection on current status of collateral and replenishment of collateral) #

Article 18(Right of third party acquisitors to claim reimbursement of expenses) #

Article 19(Right to claim return of collateral) #

Article 20(Right to claim abatement or prevention of nuisances in regard to property collateral) #

Article 21(Methods of exercising security interests in movable property) #

Article 22(Auctioning procedures for exercising security interests) #

Article 23(Procedures for direct satisfaction with collateral) #

Article 24(Status of acquisitors of collateral) #

Article 25(Possession of collateral) #

Article 26(Exercise of rights of junior right holders) #

Article 27(Deposit of proceeds from sale into court) #

Article 28(Repayment and interruption of enforcement) #

Article 29(Joint security, distribution of dividends, subrogation by junior right holders) #

Article 30(Interested party's petition for provisional injunction) #

Article 31(Agreement on enforcement of security interests in movable property) #

Article 32(Bona fide acquisition of collateral) #

Article 33(Provisions applicable mutatis mutandis) #

Article 34(Purpose of security interests in obligations) #

Article 35(Effect of registration of collateral security) #

Article 36(Enforcement of security interest in obligation) #

Article 37(Provisions applicable mutatis mutandis) #

Article 38(Rights subject to registration) #

Article 39(Competent registry offices) #

Article 40(Execution of administrative affairs for registration) #

Article 41(Registrants) #

Article 42(Methods of filing application for registration) #

Article 43(Documents or electronic documents required to file for registration, matters to be stated in written application, and methods of preparing) #

Article 44(Application fees) #

Article 45(Receipt of applications for registration) #

Article 46(Rejection of applications) #

Article 47(Preparation of register and matters to be recorded) #

Article 48(Notice of registered information) #

Article 49(Term of existence of security interest and registration for extension) #

Article 50(Registration of cancellation) #

Article 51(Correction of registration) #

Article 52(Inspection of collateral security register and issuance of certificates) #

Article 53(Filing objections) #

Article 54(Restriction on grounds for objection) #

Article 55(Measures taken by registration officers) #

Article 56(Determination on objection and appeal) #

Article 57(Provisions applicable mutatis mutandis) #

Article 58(Registration of security interests in intellectual property rights) #

Article 59(Effect of registration) #

Article 60(Exercise of rights by parties secured by intellectual property rights) #

Article 61(Provisions applicable mutatis mutandis) #

Article 62(Ensuring safety in registered information) #

Article 63(Supreme Court Regulations) #

Article 64(Penal provisions) #