『동산,채권 등의 담보에 관한 법률』제정안의 구성과 내용 = The Organization and Contents of the Bill to enactthe Act on Security over Movable Property,Receivables, etc.

다국어 초록 (Multilingual Abstract)

On March 5, 2008, the Ministry of Justice established the Special Subdivision Committee for Enactment of Special Act on Security over Movable Property and Receivables (the Committee), and on March 18 of the following year, a Draft Legislative Bill on Security over Movable Property, Receivables, etc. was submitted by the Committee to the Ministry. The bill was put to public notice on July 3 of the same year after revision following consultations with the National Court of Administration, etc. and then to review by the Ministry of Government Legislation after additional revision following the public hearings, etc. In Korea, it is generally observed that too much weight is given to security rights in immovable property and very little weight to movable property or receivables. One of the important underlying reasons is that the publication method for security rights in movable property or receivables is imperfect. Thus, the draft bill has introduced a security registration system to facilitate easy use of movable property, receivables, etc. as collaterals. The registry for security rights in movable property or receivables is to be organized by the names of debtors or security grantors. Also, security rights in movable property and receivables are created, and comprehensive provisions are provided for their contents and implementation. Although the contents of the bill strive to conform to the provisions or system of the Civil Code, there are some provisions departed from the Code. Some of its contents are quite revolutionary and they in themselves will not only exert a significant impact on the Korean secured transactions law but also trigger discussion on the secured transactions system under the Civil Code.

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