Article 78(Methods and public announcement of public auction) #
(1) A public auction shall be conducted through the method of bidding or auction (including methods using an information and communications network).
(2) Where the head of a local government intends to sell attached property at public auction, he or she shall publicly announce the following. In such cases, he or she may publicly announce matters concerning several public auctions, such as a public auction, repeated public auction of the same property, all at once:
1. Payment deadline of the purchase price;
2. Name, location, quantity, quality, estimated sale price of attached property to be sold at public auction, and other important matters;
3. Time and place for bidding or auction (in cases of bidding for a certain period, the period of bidding);
4. Time and place for opening bids;
5. Where a security deposit for public auction is received, the amount of the security deposit;
6. Where attached property to be sold at public auction is a share of co-owned property, the fact that co-owners (excluding a delinquent taxpayer; hereinafter the same shall apply) have the preemption right;
7. Deadline for requesting distribution;
8. Claims that may be distributed if only distribution is requested by the deadline for requesting distribution;
9. Date the sale of attached property is decided;
10. Where there is the superficies, the right of lease on a deposit basis, the countervailing right of lease to, or provisional registration of property to be sold at public auction which does not cease to exist by sale, relevant facts;
11. Where a purchaser of property to be sold at public auction is required to hold a certain qualification, relevant facts;
12. Details and the period of provision of data under the subparagraphs of Article 82 (2);
13. Period and procedures for reporting purchase in the subordinate order under Article 90.
(3) A public announcement of public auction under paragraph (2) shall be posted at a local government office or other appropriate place; provided, the public announcement of public auction may be published in the Official Gazette, the official report or a daily newspaper as necessary.
(4) Where the head of a local government makes a public announcement of public auction under paragraph (3), he or she shall notify the details of the public announcement thereof through the information and communications network along with posting or publishing the same.
(5) The deadline for requesting distribution referred to in paragraph (2) 7 (hereinafter referred to as "deadline for requesting distribution") shall be determined based upon the period required to follow procedures, and shall be determined before the date of the first bidding; provided, where procedures for public auction are not followed for reasons prescribed by Presidential Decree, such as a delay in or omission of the record or registration of the public auction, the head of a local government may postpone the deadline for requesting distribution after the date of the first bidding.
(6) The date the sale is determined under paragraph (2) 9 (hereinafter referred to as “sales decision date”) shall be determined within 7 days (excluding Saturdays, Sundays, holidays under Article 2 of the Act on Public Holidays and substitute public holidays under Article 3 of that Act) from the bid opening date referred to in paragraph (2) 4. <Amended on Mar. 14, 2023; Dec. 31, 2024>
(7) Where the head of a local government sells property at public auction through the method of auction, he or she may select an auctioneer and require him or her to manage the auction.
(8) Matters necessary to make a public announcement under paragraph (2) shall be prescribed by Presidential Decree.