주제별 논단 : 기타 ; 담보부사채(擔保付社債)의 활성화에 관한 연구

정소민 ( So Min Chung ) 한국금융법학회 2009 金融法硏究 Vol.6 No.1

In general, small and medium-sized enterprises in Korea ("SMEs") heavily rely on bank loans for their financial needs. This is because Korean bond market has been developed by issuance of unguaranteed unsecured bonds by corporations with high credit ratings. As a result, SMEs cannot finance through Korean bond market since they do not have credit ratings high enough to issue unguaranteed unsecured bonds. However, it will be desirable that SMEs have additional funding source alternative to bank loans in order to obtain timely and efficient financing. In this regard, issuance of secured bonds can play an importance role in SMEs`` financing via Korean bond market. Theoretically, SMEs with high quality assets are able to issue corporate bonds secured by their high quality assets even though they have relatively low credit ratings. However, practically speaking, a few obstacles to issuance of secured bonds in Korea exist. In this connection, I make a few proposals for activating secured bond market in Korea as follows: First, the scope of collateral under the Secured Bond Trust Act of Korea must be broadened, including intellectual property or receivables without debt certificates; Second, a security registration system must be introduced as a new publication method for security interests created on movable assets or receivables; and Third, credit rating experts and trust experts should be nurtured to accurately rate value of various collateral and to conduct trust business, respectively. If issuance of secured bonds becomes active in Korean bond market, SMEs with high-quality assets can finance via Korean bond market by way of issuing secured bonds and have better chance to obtain timely and efficient financing.

근저당권부 대출채권의 유동화거래에 관한 법적 고찰-자산유동화에 관한 법률에 의하지 않는 유동화거래(Asset-Back Loan Transaction)를 중심으로-

정소민 ( Chung So-min ) 한국외국어대학교 법학연구소 2007 외법논집 Vol.27 No.-

I study the structure of the asset-backed loan transaction (the "ABL transaction"), underlying assets of which are kun-mortgage loans, done outside the Act on the Asset Backed Securitization of Korea (the "ABS Act"). The asset-backed securitizations governed by the ABS Act (the "ABS transaction") enjoy numerous benefits, such as simplified perfection and registration mechanism with respect to the transfer or entrustment of kun-mortgage loans or tax benefits. However, only eligible originators listed in the ABS Act may engage in the ABS transaction and, therefore, companies other than such eligible originators have no choice but to conduct the ABL transaction not governed by the ABS Act for the funding purpose. In this regard, I review the structure of the ABL transaction conducted by a lending entity which is not an eligible originator in the ABS Act in comparison with the ABS transaction conducted by the eligible originators. In the ABL transactions, unlike the ABS transactions, the lending entity as originator must (i) obtain consent to fixation of the secured obligations of the kun-mortgage loans from the obligors (the "Obligors") of the kun-mortgage loans, (ii) perfect the transfer or entrustment of kun-mortgage loans by sending a notice to or obtaining consent from the Obligors with a fixed date stamp thereon, (iii) have kun-mortgage loans registered in the name of the transferee or the trustee and (iv) obtain a loan through a special purpose vehicle (the "SPC") from the lender instead of the SPC's issuing bonds to investors. In addition, thin capitalization rule must be carefully examined in structuring the ABL transaction. Lastly, I also make suggestions for removing legal obstacles to revitalizing the ABL transactions.

신탁을 통한 재산승계와 유류분반환청구권

정소민(Chung, So-Min) 한양법학회 2017 漢陽法學 Vol.28 No.2

The main characteristics of Korean inheritance law share a lot in common with the inheritance law of civil law countries. Accordingly, statutory succession has been playing as the default rule in Korea. With the rapid growth of Korean economy, however, people searched for a better way, instead of the statutory succession or testamentary gifts, to distribute their assets at their death reflecting their intentions. The social demand for a new regime of inheritance has instigated discussions in academic circles for new mechanisms which can better reflect the decedent’s intentions. Along with such social background, succession by trusts in common law countries has gathered much attention because of its flexibility in structuring estate planning. As a result, the Trust Act of Korea was substantially amended, effective as of July 26, 2012, to recognize trusts as will substitutes and trusts with successive beneficiaries. Succession by trusts makes estate planning over multi-generations possible and creates a flexible succession structure: the trustor can determine (i) how much and when the beneficiaries receive from the trust as well as (ii) when and how the trust assets shall be disposed of. However, succession by trusts can be done only within certain limitations under the Korean inheritance law. The most important limitation is the potential claim of the spouse, the children or even other relatives: it is called ‘forced share.’ The relation between succession by trusts and the forced share is an important legal issue to resolve, but there has not been yet established interpretation on how to calculate the infringed forced share and who (i.e., a trustee or a beneficiary) such claim should be filed against when succession by trusts infringes upon the forced share. In this regard, this paper examines the relation between succession by trusts and the forced share under the Korean law. In so doing, this paper examines how the elective share of the surviving spouse works in relation with revocable trusts under the U.S. law and attempts to gain insights on the above-mentioned issue under the Korea law.

신탁제도를 통한 미성년자 보호에 관한 연구

정소민 ( Chung So-min ) 한국외국어대학교 법학연구소 2012 외법논집 Vol.36 No.2

This study on protection for minors through trusts starts from realizing functional limitation of the guardian system under the Civil Code of Korea (the “Civil Code”). A minor, without his biological or legal parents, has a guardian who has a general legal power to act on behalf of a minor; provided that the Civil Code provides that certain transactions, including a sale of real property owned by the minor, must obtain an approval from the association of family members of the minor. This is regarded as a preventative measure for protecting minor’s interests from the guardian abusing his power. Practically, however, this limitation does not work properly; the guardian has a control over the association of family members because such members usually consist of a spouse or siblings of the guardian. For this reason, there exist many court cases nullifying the guardian’s legal act on behalf of the minor. Given that the guardian system under the Civil Code has its own limitation, a trust can be a very useful device to protect the minor’s interests. In the U.S., support trusts are widely used for managing the assets to be inherited to their children as a substitute way of inheritance. Using flexibility in design of the trusts, the children may become beneficiaries of the support trust upon their parents’ death and the trustee manages the inherited assets (i.e., trust assets) and distributes the children such an amount of money in the form of trust interests as required for their accustomed living until they become a majority. The trustee is generally not allowed to sell the trust assets and the trust assets themselves will be transferred to the children when they become major in accordance with the terms of conditions of support trusts established by their parents. In this way, the inherited assets can be protected and reserved until a minor becomes major. The trusts have not been widely used in Korea since Korea is a civil law country and not familiar with trust system. However, due to flexibility in design of the trusts, the demand for various types of trust transactions, such as real property development trusts and welfare trusts, is increasing in Korea. Additionally, an entire amendment of the Trust Law of Korea (the “new Trust Law”) was made to accommodates the demand for trust transactions and will be effective from July 2012. Trusts can be effectively used in Korea for the purpose of supporting minors by managing their inherited assets as Korea gets familiar with the trust system under the new Trust Law.

일반논문 : 청소년체험활동자원을 활용한 교외 창의적 체험활동 활성화 방안

정소민 ( So Min Chung ),김영순 ( Yong Soon Kim ),강현민 ( Hyen Min Kang ) 인하대학교 교육연구소 2012 교육문화연구 Vol.18 No.2

본 연구의 목적은 청소년체험활동자원(청소년 단체 및 시설과 청소년 지도사)을 활용한교외 창의적 체험활동의 운영 실태를 조사하고 청소년체험활동자원을 활용한 창의적 체험활동 활성화 방안을 모색하는 데 있다. 이를 위하여 초중등 교사를 대상으로 창의적 체험활동의 운영 실태, 청소년 시설 및 단체와 청소년지도사의 활용, 교외 창의적 체험활동의 활성화 방안을 알아보고자 설문지를 개발하여 초·중·고등학교 교사 91명을 대상으로 자료를 수집하였으며, 수집한 자료에 대한 빈도분석과 내용분석을 진행하였다. 그 결과는 다음과 같다. 첫째, 교외 창의적 체험활동이 다차시의 체계적인 프로그램보다는 일회성의 창의 적 체험활동이 이루어짐을 예상할 수 있었다. 또한 청소년 시설 및 단체에 대한 활용이 낮은 편이고 주로 동아리 활동 중심으로 활용하고 있음을 알 수 있었다. 또한 창의적 체험활동을 위해 청소년 시설 및 단체를 선택할 때가장 큰 영향을 미치는 요소로는 학교급별 적합한 양질의 프로그램과 프로그램을 수행하는운영진의 전문성으로 나타난 반면, 운영진의 전문성에 대한 만족도는 상대적으로 낮게 나왔다. 청소년체험활동자원을 창의적 체험활동에 활용할 수 있는 교육적 자원으로 변환하기 위한 방안으로 학교의 교육과정과 연계할 수 있는 지역의 문화를 반영한 학생의 호응 및 참여를 고려한 질 높은 창의적 체험활동 프로그램이 필요하고, 청소년체험활동자원과 학교 간의원활한 네트워크 구축이 필요함을 제시하였다. The purpose of this study is to investigate the current practices of ``Creative Activity`` in out- of-school using youth activity resources and to explore the strategies for activating ``Creative Activity`` using the resources. The questionnaire research was conducted to examine the current practices of out-of-schools ``Creative Activity``. Twenty five multiple type of questions and three open ended questions were developed to survey for elementary and secondary school teachers. We collected data from ninety one teachers and analyzed them based on frequency analysis and content analysis. The results of this study are as follows. First, ``Creative Activity`` in out-of-schools seemed to be just one-time event rather than organized programs consisted of several time units. It also seemed to fail to maximize the use of facilities and instructors for youth and to utilize them mainly on ``Club Activity`` area. Second, the most influential factors to choose youth facilities was the quality of programs that are proper each school levels and the specialty of the staffs hosting programs. Lastly, we suggested the strategies to convert youth activity resources into educational resources which can be used in ``Creative Activity.`` This activity programs have to be connected with school curriculum and regional culture and consider interests and participation of students Also, It is necessary to establish the effective networks between schools and Youth activity resources.

파산법상 동산담보권자의 지위에 관한 연구 -도산절차 개시 전과 후의 동산담보권의 실행방법 비교를 중심으로-

정소민 ( So Min Chung ) 한국금융법학회 2016 金融法硏究 Vol.13 No.1

Korean insolvency law recognizes the rights of secured creditors to have a priority for satisfaction of their claims from the assets securing their claims. Security over movables or security over receivables (the "Security") under the Act on Security over Movable Property and Receivables, etc. (the "Act") has a priority under the bankruptcy procedure and secured creditors may enforce their security outside the bankruptcy procedure. In this sense, the commencement of the bankruptcy procedure does not affect the rights of secured creditors. On the other hand, the commencement of rehabilitation proceedings affects rights of secured creditors. First, the Security established before the commencement of rehabilitation proceedings is treated as a rehabilitation security under the Korean insolvency law and secured creditors are not able to enforce their Security outside the rehabilitation proceedings. Second, upon commencement of rehabilitation proceedings, a security over future assets (i.e., future receivables or after-acquired movables) turns into the security over the assets existing as of the commencement of the rehabilitation proceedings. The Supreme Court decision on March 28, 2013 (2010da63836) ruled that receivables of the estate acquired after the commencement of rehabilitation proceedings are not subject to Yangdo Dambo over collective future receivables, created by the debtor before the commencement of the rehabilitation proceedings. This Supreme Court decision was rendered on Yangdo Dambo over collective future receivables, but the legal theory thereof will also apply to other security over future assets under the Act. Accordingly, movables or receivables of the estate acquired after the commencement of rehabilitation proceedings are not subject to security rights over future assets under the Act created by the debtor before the commencement of the rehabilitation proceedings.

유언의 해석

정소민(So min Chung) 한국비교사법학회 2015 비교사법 Vol.22 No.1

우리 사회에서 상속은 민법의 규율에 따른 법정상속이 중심을 이루어왔고 재산승계의 수단으로서 유언에 대한 관심은 그리 높지 않았다. 그런데 우리나라의 경제가 발전하면서 많은 자산가들이 출현하였고 이와 더불어 기부 문화가 확산되면서 최근 유언에 의한 재산처분에 관심이 높아지고 있다. 유언에 의한 재산처분이 이루어려면 필연적으로 그 유언을 해석하는 작업이 선행되어야 하는데 유언의 해석은 유언자의 최종적인 진정한 의사를 탐구하는 과정이다. 그런데 (i) 유언장의 문언이 불분명하거나 그 의미가 애매한 경우, (ii) 유언장 작성 시점과 유언의 효력이 발생하는 시점 사이에 유언자의 재산상태 변화 또는 가족관계 변화가 발생하여 유언의 문언을 있는 그대로 해석하기 어려운 경우에는 유언의 해석과 관련하여 분쟁이 발생할 가능성이 크다. 우리나라 대법원 판례와 학설은 유언장의 문언이 불분명하거나 그 의미가 애매한 경우에 유언자의 진정한 의사를 확정하기 위하여 유언장에 나타난 문언뿐만 아니라 그 외의 제반 사정을 종합적으로 고려할 수 있다는 주관적 해석론을 취하고 있다. 그런데 유언장 작성 시점과 유언의 효력이 발생하는 시점 사이의 시간적 간격으로 인하여 나타나는 유언 해석의 다양한 문제점에 관하여는 깊이 있는 학술 연구가 부족하고, 대법원 판례도 유언자가 유언 후 재산을 처분한 경우에 그 처분된 재산에 관하여는 유언 철회의 법리를 적용한다는 판결과 유언 당시에 존재하지 않은 재산이라도 유언의 효력발생시점에 유언자가 소유한 재산은 유언에서 말하는 나머지 재산에 포함된다는 판결 등 소수의 몇몇 판결 밖에 없어서 유언 이후 사정변경으로 인하여 나타날 수 있는 유언 해석의 다양한 법적 문제점에 대처하지 못하고 있는 실정이다. 이런 점들을 고려하여 본 논문에서는 유언 후 재산상태의 변화 또는 가족관계의 변화로 인하여 발생하는 유언 해석의 문제를 비교법적 관점에서 미국법상 유언의 해석에 관한 법리와 함께 살펴보았다. 유언상속이 중심인 영미법계에서는 오랜 기간 동안 유언을 둘러싼 법적 분쟁을 해결해 왔기에 유언에 관한 다수의 판례와 법 이론적 연구가 축적되어 있기 때문이다. 미국의 상속제도는 법정 상속을 기본으로 하고 있는 우리나라의 상속제도와는 다소 차이가 있으나, 판례를 통해 발전해 온 미국의 유언 해석의 법리들은 향후 우리나라에서 발생할 수 있는 유언 관련 분쟁들을 해결하고 우리나라 상속법 체계에 맞는 고유의 유언 해석의 법리를 발전시켜 나가는 데에 상당한 영감을 주리라 생각한다. Statutory succession in accordance with the Civil Code of Korea has long played an important role in Korea. Testamentary disposition of property by will has not drawn much attention. However, with the development of Korean economy, an increasing number of Koreans wish to plan in advance how to distribute property after their death and have started to pay attention to disposition of property by will. Consequently, construction of wills has become one of the major legal issues in the inheritance law. Under the Korean law, construing wills is traditionally the process of determining the testator's actual intent. In this regard, difficulty in determining the testator's intent stems from (i) the ambiguity of testamentary language or (ii) the gap in time that intervenes between the making of a will and the testator's death. First, with regard to the ambiguity of testamentary language, the Korean Supreme Court ruled that the court should consider the words of the will as well as other circumstantial evidence in determining the testator's actual intent. This means that extrinsic evidence can be admitted to resolve the disputes arising out of ambiguous language of the will. Second, the disputes involving with changes in the testator's property or changes in the family relationship after execution of the will result from the gap in time between the execution of the will and the testator's death. A variety of legal issues come from this gap in time, but few Korean court ruling exist on these issues. In this regard, comparative law research could shed light on these issues. US courts have developed rules of construction of wills, including ademption by extinction, satisfaction, abatement, lapsed bequest, to implement the probable intent of the typical testator. Even though the American law of succession is quite different from that of Korea, understanding the rules of construction of wills under the American law will benefit us to resolve disputes arising out of construction of wills and develop Korea's own rules and theories on construction of wills.

신탁의 설정에 관한 소고-공통참조기준초안(Draft Common Frame of Reference)을 중심으로-

정소민 ( Chung So-min ) 한국외국어대학교 법학연구소 2009 외법논집 Vol.33 No.3

Korea has witnessed an increasing number of commercial transactions using a trust for past ten years. Trusts are known as a legal device having flexibility in design and expected to be used more in commercial as well as non-commercial transactions in Korea. The Trust Act of Korea (the "Trust Act"), however, has not been practically amended since it was enacted in 1961. Thus, many legal scholars say that the Trust Act should be modernized, reflecting changes in the market. Looking at the trust laws of overseas countries, the law of trust is not an exception in worldwide trend of harmonization of law. Principles of European Trust Law, which consist of eight principles, were published in 1999 in order to have common principles of the trust law and facilitate transactions in European jurisdictions. In addition, Draft Common Frame of Reference ("DCFR") published in February 2009 provides basic rules on trusts in its Book X. In comparison with Principles of European Trust Law, DCFR provides more specific rules on trusts. With respect to the establishment of trusts, DCFR has 13 provisions, following traditional views developed in the Court of Chancery in England. It elaborates, inter alios, the requirements for establishment of trusts-inter vivos trusts as well as testamentary trusts, requirements for self-declaration, rules on refusal of trust by an intended trustee and rejection of beneficial interests by a beneficiary. It also provides provisions regarding priority of rules of succession law over the trust law and whether trusts or gifts are created in certain instances. This article explains basic rules on the establishment of trusts provided in DCFR. This introduction will shed some lights on how the Trust Act should be amended and modernized to be harmonized with the trust law of other countries.

공통참조기준초안(DCFR)의 동산담보권 등록규정에 관한 연구

정소민 ( Chung So-min ) 한국외국어대학교 법학연구소 2011 외법논집 Vol.35 No.2

There has been active scholarly discussions and legislative efforts to reform secured transactions law for movable assets and receivables in Korea over past ten years. As a result of these efforts, the Act on Security of Movable Assets, Receivables, etc. was passed by the Legislature in May 2010. This Act will introduce a new system of publicity by registration of security in movable assets and receivables, etc. from June 2012 and is expected to facilitate secured transactions for movable assets and receivables which have not been widely used before. In line with the forthcoming new registration system in Korea, it will be meaningful to study on the registration system of security in movable assets provided in Draft Common Frame of Reference ("DCFR") since it is a model registration system which has a possibility to apply to all EU member countries. According to Book IX. Proprietary Security in Movable Assets of DCFR, the main characteristics of the system of registration can be summarized as follow: it is a notice filing system; it is a direct entry system where entries can be made without involvement of a public registrar; it operates electronically so that it is accessible online; and it covers all types of proprietary security. It is also noteworthy the model registration system suggested in DCFR has a lot in common with modern rules on security in movable assets in UNCITRAL Legislative Guide on Secured Transactions. An introduction of a new registration system will be the first step in terms of reform of Korean secured transactions law for movable assets. Therefore, comparative legal studies and empirical research should be continued in order to establish an appropriate legal system on security in movable assets in harmony with the Civil Code of Korea as well as model laws or legislative guide on secured transactions.

소비자신용법제에 관한 연구

정소민(Chung So Min) 인하대학교 법학연구소 2009 法學硏究 Vol.12 No.2

신용거래에 있어서 소비자 보호제도는 서민 생활의 안정 및 건전한 신용거래 질서의 확립을 위하여 반드시 필요한 제도이다. 미국, 유럽 등에서는 소액의 소비자 신용거래를 통일적으로 규율하는 법률을 마련하여 다양한 신용거래에서 소비자의 권익을 체계적으로 보호하고 있다. 구체적으로 미국의 소비자 신용보호법은 가계대출, 신용카드거래, 소비자리스 등의 신용거래에 있어서 소비자 보호를 위한 규정을 담고 있을 뿐만 아니라 신용거래에 부수하는 채권추심, 개인 신용정보 보호, 임금채권의 압류제한 등의 문제까지 포괄적으로 다루고 있다. 유럽연합의 소비자 신용지침은 유럽연합 회원 각국의 소비자신용법제를 통일화하여 소비자 신용에 관한 규제의 차이를 극복하고, 다양한 소비자 신용거래에서 소비자의 권익을 보호하기 위하여 제정되었다. 그러나, 우리나라의 경우 아직 소비자 신용거래를 통일적으로 규율하는 법률을 마련하지 못하고 대부업자, 신용카드회사 등 금융기관별로 개별 법률을 제정하여 소비자 신용거래를 규율하고 있는 형편이다. 따라서 소비자 신용거래에 관한 법률문제를 전체적으로 조망하기 어렵고, 그 내용도 금융기관에 대한 행정적인 규제가 중심이 되어 사적 거래의 당사자인 소비자의 권익이 충분히 보호되지 못하고 있다. 우리나라도 개인이 가계 목적으로 행하는 소액의 소비자 신용거래라는 개념을 정립하고 이를 통일적으로 규율할 소비자신용법을 제정하여 소액의 소비자 신용거래에 대하여 한 차원 높은 수준의 소비자 보호를 제공할 필요가 있을 것이다. 이러한 소비자신용법의 제정은 세계적으로 논의되고 있는 각국 법의 통일화의 흐름에도 부합할 뿐만 아니라 외국과의 규제 수준의 차이를 제거할 수 있는 장점이 있을 것으로 판단된다. 소비자신용법을 제정함에 있어서는 미국의 소비자 신용보호법, EU지침 등의 입법례를 참고하고 우리나라의 금융 현실을 반영하되 신용 조건의 사전 공개, 소비자의 철회권, 신용조건 변경에 대한 제한, 감독기관 등에 관한 규정은 반드시 포함되어야 할 것이다. Korea has witnessed sharply increasing volume of consumer credit transactions for past five years. It was reported that many consumers made a decision to obtain a loan without fully understanding credit terms. Consequently, they often ended up with bearing huge unexpected finance charges and defaulting on a debt obligation. In addition, the growing number of individual bankruptcy filing and illegal debt collection practices became social problems in Korea. However, Korea does not have a uniform consumer credit protection act governing diverse legal issues associated with consumer credit transactions. From a comparative law perspective, many countries legislated a general act which uniformly regulates various types of consumer credit transactions, including loan, credit card transactions and consumer lease transactions. In the United States, the Consumer Credit Protection Act (the “CCPA”) was enacted as federal legislation and have been playing a central role in the realm of consumer credit. In European Union, the new EU Consumer Credit Directive (the “CCD”) encompassing a variety of consumer credit issues was adopted in 2008 and member states of European Union should amend or enact their domestic laws to follow the CCD by May 2010. Common features of the CCPA and CCD are that they enable the consumer to make an informed choice by imposing on a creditor a duty to disclose pre-contractual information, such as costs of credit (i.e., finance charges and annual percentage rate) and protect consumer by providing right of withdrawal. Given the foregoing, it would be desirable to legislate a uniform consumer credit act so as to offer consumers a higher standard of protection in Korea. Such act must include, among other things, provisions regarding disclosure rules of costs of credit, right of withdrawal for a small consumer credit transactions. In this connection, the CCPA and the CCD will shed light on future legislation of the uniform consumer credit act of Korea.