어음을 이용한 포페이팅의 법적 원리

허해관(Hur, Hai Kwan) 한국무역상무학회 2009 貿易商務硏究 Vol.43 No.-

This paper sees some legal phases of the forfaiting transactions performed by using bills of exchange (drafts) or promissory notes. It focuses on the issues of the endorsement without recourse and the aval under the Korean statute for such negotiable instruments which is enacted by succeeding to the Convention Providing a Uniform Law For Bills of Exchange and Promissory Notes (Geneva, 1930) of the League of Nations. This paper purposes to give basic legal guides for forfaiting participants in order for them to be able to prevent and solve some problems caused by lack of understanding for relevant rules of law. Forfaiting is a useful technic as it provides financing for international export businesses by enabling forfaiters to discount future payment obligations on non-recourse basis. It gives benefits to exporters by removing political, transfer and commercial risks of importers or their country. Also it protects exporters from the risks of the increase of interest rates and the fluctuation of exchange rate as well. In traditionally normal forfaiting transactions, exporter of goods generally takes promissory notes or accepted drafts from importers in payment for the price of goods. Further, when the exporter is not comfortable with the importer's credit or is not confident whether the importer will pay the accepted drafts or the promissory notes as they come due, the exporter nomally requires the importer to make the importer's bank (avalizer or guarantor) add an aval, which is made by the written expression of intention, the words of "per aval", and the guarantor's signature on the draftsor promissory notes. The exporter endorses without recourse to transfer the drafts or the promissory notes to the forfaiter, typically a bank, who purchases the drafts or the promissory notes without recourse.

중소기업 연쇄도산 방지를 위한 매출채권 팩토링제도 도입운용방안 연구

한종관 중소벤처기업연구원 2017 중소기업정책연구 Vol.2 No.2

"There are various payment and settlement systems in Korea, such as commercial bills, accounts receivable mortgage loans, corporate purchase loan, corporate card for purchase-only, mutual growth payment system, etc. These systems are all effective in revitalizing transaction between companies, but each one has different kinds of problems. First, in the case of discounting on commercial bills and accounts receivable mortgage loans, client companies are exposed to the risk of chain bankruptcy, because banks exercise their right to recourse if a customer company fails to make payment. Second, corporate purchase loan and corporate card for purchase-only are effective measures that provide customer companies with funds for payment, but a lot of financial costs relatively will be incurred. Third, the mutual growth payment system has no risk of chain bankruptcy caused by the right to recourse. However, there is a critical limit to universal utilization because only SMEs in partner -ship with large enterprises are eligible for this system. This research suggests the introduction of “Accounts Receivables Factoring System without Recourse” as an alternative that can complement the weak points of existing settlement systems in financing, risk hedge, chain bankruptcy prevention, financial structure improvement, compliance with the international norms, and universal applicability." "우리나라는 상업어음, 외상매출채권담보대출, 기업구매자금대출, 기업구매전용카드, 상생결제제도 등과 같이 다양한 지급 결제제도를 운용하고 있다. 이 제도들은 기업 간 거래를 활성 화하는 효과가 있지만 각각 다른 문제점을 갖고 있다. 첫째, 상업어음할인 및 외상매출채권담보대출은 구매기업이 지급결제를 하지 못할 경우 은행이 상환청구권을 행사하기 때 문에 판매기업들이 연쇄도산의 위험에 처하게 된다. 둘째, 기업구매자금대출 및 기업구매전용카드는 구매기업의 지급결제를 원활하게 하는 유용한 제도이지만 상대적으로 많 은 금융비용이 발생된다. 셋째, 상생결제제도는 상환청구권이 없어 연쇄도산의 위험은 없다. 그러나 대기업과 협력관계에 있는 중소기업만이 이용 할 수 있기 때문에 보편성이 부족하다. 본 연구는 우리나라 지급결제제도의 문제점 해결을 위한 대 안으로 ‘상환청구권 없는 매출채권 팩토링제도’의 도입방안을 제시한다. 이 제도는 자금조달, 리스크 헷지, 연쇄도산 방지, 재무구조 개선, 국제규범 부합, 적용의 보편성 등 기존 제도의 문제점을 모두 보완할 수 있는 선진적 금융제도이므로 적극적 인 도입을 추진할 필요가 있다. "

K-IFRS 도입 이후 매출채권양도 회계처리에 관한 사례연구 -수출기업을 중심으로

김정애 ( Jung Ae Kim ),최종서 ( Jong Seo Choi ) 한국회계학회 2014 회계저널 Vol.23 No.2

본 연구에서는 K-IFRS를 도입한 후 매출채권 양도회계처리가 과거의 회계기준에 비해 보다 엄격해짐에 따라 국내 수출기업의 재무제표가 받게 되는 영향과 이를 고려한 기업의 대응행태를 검토하였다. 한국회계기준원(2011)은 매출채권 양도와 관련한 K-IFRS 규정과 과거의 회계처리의 차이를 상환청구권 여부에 따라 구분하여 예시하였다. K-IFRS에 따르면 기업은 상환청구권(recourse)이 있는 매출채권을 양도하는 경우 경제적 실질을 반영하기 위하여 매각처리를 부인하게 된다. 이에 따라 매출채권을 양도하는 기업의 자산유동성 및 부채 구조에 변화가 초래될 수 있다. 특히 수출비중이 높은 기업에서는 매출채권의 할인 및 양도가 빈번히 발생하기 때문에 K-IFRS 도입 후의 매출채권 양도에 대한 회계처리 변화가 재무제표에 미치는 영향이 클 것으로 예상된다. 특히 재무제표 상의 부채비율에 미치는 영향을 고려하여 수출비중이 높은 기업은 불리한 영향을 완화할 수 있는 금융정책을 구사할 것으로 예상할 수 있다. 본 연구에서는 국내 수출기업의 사례를 통하여 K-IFRS의 도입 이후 매출채권 양도에 대한 회계규정의 변화가 기업가치의 실질적 변화나 기업의 채무상환능력에 변화가 없음에도 불구하고 기업의 경영의사결정에 영향을 미칠 수 있음을 살펴보는데 초점을 둔다. 이를 통하여 회계정책의 변화가 경영의사결정에 영향을 줄 수 있고 이는 자원의 재배분에 영향을 주어 실질적인 경제적 영향을 초래할 수 있음을 논증하였다. 본 연구에서는 K-IFRS 적용 이후 매출채권양도에 대한 회계규정의 변화가 수출기업의 자산, 부채의 구조에 중요한 영향을 미치게 되며 이는 상환청구권의 유무에 따라 기업의 재무비율에 유리하거나 또는 불리한 영향을 초래할 수 있음을 제시하고 있다. 구체적으로 상환청구권이 있는 매출채권 양도는 부채의 증가로 기록되어 기업의 자본구조를 악화시킬 수 있어 경영환경이 열악한 기업은 이러한 불리한 영향을 회피할 수 있는 매출채권양도정책을 선택할 수 있음을 예시하였다. 본 사례연구는 회계학도 및 회계실무가로 하여금 매출채권양도 회계처리와 관련된 구체적인 실무지식을 습득할 수 있는 기회를 제공할 뿐 아니라 회계정책의 변화가 실제 경영의사결정의 변화를 초래하고 궁극적으로는 부의 재배분을 초래하는 경제적 효과를 수반할 수 있음을 학습할 수 있는 계기가 될 것으로 기대한다. In this paper, we investigate corporate responses to the changes in accounting rules for the transfer of accounts receivable toward more rigorous criteria in the recognition of sales which occurs with the adoption of K-IFRS, especially for firms heavily relying on export financing. Korean Accounting Standards Board (2011) illustrates the differences in the standards related to the factoring of accounts receivable between the K-IFRS versus previous K-GAAP, classifying transfer transactions according to the existence of recourse. K-IFRS stipulates that factoring and/or assignment of accounts receivable with recourse should be recognized as a borrowing transaction rather than as a sale, with a view to reflect the underlying economic substance. The structure of assets and liabilities of the firms engaging in factoring transactions are likely to be affected in an unfavorable manner. Particularly the companies heavily relying on exports are expected to experience significant impact by the accounting rule changes. Compared to domestic producers, export-oriented companies tend to engage in factoring and assignments of receivables more frequently with a view to facilitating export financing. Consequently, the firms with heavy reliance on exports are likely to employ financing policies which are expected to mitigate the unfavorable effects on their capital structure. The purpose of this study is to illustrate that the changes in the accounting rules pertinent to the transfer of receivables after the adoption of K-IFRS may affect the corporate decision making regardless of the changes in the value or the debt paying ability of the firm via case evidences of selected domestic export companies. This amounts to demonstrating that accounting policy changes influence business decisions, which in turn, generates economic consequences by affecting redistribution of scarce resources. We suggest that the changes in accounting provisions subsequent to K-IFRS adoption caused significant influence on the structure of assets and liabilities of exporting companies, either in favorable or unfavorable manner, depending on whether or not recourse exists in the transfer transaction. In addition, we show that the firms experiencing deteriorated capital structure tend to opt for transfer policies that help to avoid unfavorable effects on the statement of financial position. This case study is expected to provide an opportunity for accounting students and practitioners alike to acquire practical knowledges on the accounting procedures for the transfer of account receivable. It also will help to understand that economic consequences accompany accounting policy changes, by way of causing changes in the business decisions.

人保与物保并存时的法律关系研究 - 以《物权法》第176条为对象 -

金路伦,黄丹 전북대학교 동북아법연구소 2019 동북아법연구 Vol.13 No.1

Article 176 of the Property Law stipulates the legal relationship of the coexistence of suretyship and real security, which called mixed co-guarantee. Compared with other single forms of guarantee, mixed co-guarantee has stronger guarantee of creditor's rights and it's more complicated. This paper discusses whether the regulation is reasonable and whether it should have the right of subrogation and right of recourse. From the perspective of the development process of mixed co-guarantee in China, the autonomy of will is in line with the basic principles of civil law and also the logical relationship of guarantee system. The implementation order of the mixed guarantee system shall comply with the following agreement. Where there No agreement, The security of the things guaranteed by the debtor shall have priority. Except security of the debtor's property, creditors may choose the security of the thing or the security of the person. From the perspective of legislation “Where there No agreement, The security of the things guaranteed by the debtor shall have priority” is in line with the original intention of the legislator. At the same time, when security of the debtor’s property is exists, it avoids t he i nj ustice t o t he t hird p arty a s g uarantor. “ Except s ecurity o f t he d ebtor’s property, creditors may choose the security of the thing or the security of the person.” is Denied the priority of real right enforcement, It is also the recognition of the equality of human status guaranteed by the Property Law. However, this paper has some questions about the rationality of the absolute priority of debtor’s guarantee. As for the issue of the guarantor's right of recourse, this paper affirms that the guarantor can exercise the right of recourse according to a certain proportion from the theory, system explanation and comparative law. Whether the guarantor should have the subrogation right or not, The subrogation right of guarantor should be recognized by law from its relationship with the right of recourse and the practical demand.

미보충 백지어음에 의한 권리행사는 언제나 무효인가? -새로운 해석의 시도-

윤광균 ( Goang Gyun Yun ) 법조협회 2011 法曹 Vol.60 No.2

The negotiable instruments basically have the character of contracts of parties. However the contracts are merged into papers which are called promissory notes, drafts or checks. Korean 「Notes Act」 provides that a note should contain the specified terms, and that in case of lack of any such term the note is invalid. Korean 「Checks Act」 has same provisions on checks. The required terms include payee, date of issuance and place of issuance as well as the unconditional promise to pay a fixed amount of money. In practice, some notes are issued with some terms, including the amount of money and due date, in blank, which are intended to be added later by holder. However some notes are payed and finish their life without the augmentation of the missing terms like payee, date of issuance and place of issuance to the end. But, when the issue is brought before the Court, the Court rules that the incomplete notes are invalid and are not enforceable, according to above mentioned provisions of Notes Act. The deficiency becomes disastrous when the holder of a note sues against the indorser for recourse, because the holder should have presented a complete note in a defined time to preserve the right to recourse. This thesis examines the current laws and bank practices of notes with a brief history of them. Then this thesis suggests that the incomplete instruments should be enforced as the instruments under Civil Code, and further suggests that the presentment of incomplete instruments should be regarded as a valid presentment for preservation of the right to recourse.

국제무역거래에서 포페이팅(Forfaiting) 방식의 금융을 통한 위험의 헤지

김종호 국제거래법학회 2009 國際去來法硏究 Vol.18 No.1

This article will focus on the forfait transaction. Forfaiting is a method of trade finance that allows exporters to obtain cash by selling their medium-term foreign accounts receivable at a discount on a “without recourse” basis. The main advantage of forfaiting is that it allows exporters to increase sales and put the risk on forfaiter who are better equipped to handle such risks. The exporter may approaches a forfaiter before finalizing a transaction’s structure. Once the forfaiter commits to the deal and sets the discount rate, the exporter can incorporate the discount into the selling price. The exporter then accepts a commitment issued by the forfaiter, signs the contract with the importer, and obtains, if required, a guarantee from the importer’s bank that provides the documents required to complete the forfaiting. The exporter delivers the goods to the importer and delivers the documents to the forfaiter who verifies them and pays for them as agreed in the commitment. Since this payment is without recourse, the exporter has no further interest in the transaction and it is the forfaiter who must collect the future payments due from the importer. Part II introduce forfaitng history and market, compare forfaiting with factoring similar tool of international trade finance. Part III will illustrate a typical forfaiting transaction, identify the parties and process of forfaiting, and Part IV will state the fundamental elements of the forfait transaction. Part V conveys the legal and business risks associated with forfaiting. Part VI will review the advantages of the application of forfaiting in international transaction with the trade documents. Finally, some suggestions are presented in part VII.

명중률의 불확실성을 고려한 추계학적 무장-표적 할당 문제

이진호(Jinho Lee),신명인(Myoungin Shin) 한국경영과학회 2016 한국경영과학회지 Vol.41 No.3

We consider a model that minimizes the total cost incurred by assigning available weapons to existing targets in order to reduce enemy threats, which is called the weapon target assignment problem (WTAP). This study addresses the stochastic versions of WTAP, in which data, such as the probability of destroying a target, are given randomly (i.e., data are identified with certain probability distributions). For each type of random data or parameter, we provide a stochastic optimization model on the basis of the expected value or scenario enumeration. In particular, when the probabilities of destroying targets depending on weapons are stochastic, we present a stochastic programming formulation with a simple recourse. We show that the stochastic model can be transformed into a deterministic equivalent mixed integer programming model under a certain discrete probability distribution of randomness. We solve the stochastic model to obtain an optimal solution via the mixed integer programming model and compare this solution with that of the deterministic model.

공동연대보증인들 사이의 구상관계

김형석 민사판례연구회 2014 民事判例硏究 Vol.- No.36

이 글은 대법원 2010.9.30. 선고, 2009다46873 판결에 대한 평석이다. 이 판결은 공동연대보증인들 사이의 구상관계에 대한 흥미로운 문제를 다루고 있는데, 그에 따르면 공동연대보증에서 대위변제한 연대보증인에 대해 주채무자가 일부변제를 한 경우에 그 액수가 구상권자의 부담부분을 초과할 때에만 다른 보증인의 구상의무를 감축한다고 한다. 이 글은 이러한 대법원의 견해에 반대한다. 공동보증에서 구상이 가지는 목적 즉 주채무자와 공동보증인의 무자력 위험을 공동보증인들이 평등하게 분담한다는 취지에 비추어, 주채무자의 일부변제는 그 전액에 대해 변제효가 인정되어야 한다. 즉 구상을 통한 무자력 위험의 분담이라는 장면에서 주채무자의 구상권자에 대한 변제는 원칙적으로 주채무자의 채권자에 대한 변제와 동일하게 취급되어야 한다. 그리고 이러한 결론은 당사자들의 이익을 형량하고 물상보증인이 있는 경우와 비교하여도 정당화된다. In this article, the author comments on a decision handed down by the Supreme Court on September 30, 2010. In this case, the claimant, a surety who discharged the debtor’s obligation, has received a part payment from the latter by way of recourse. Here arises the question whether and in what amount this part payment would also reduce other co-sureties’ recourse debt owed to the claimant. The Supreme Court says the amount which surpasses the claimant’s burden would benefit other co-sureties. The author disagrees with this opinion. He submits that the amount of the part payment in whole has to reduce all sureties’ burden, and supports this conclusion not least by analysing the ratio legis of art. 448 of the Korean Civil Code, which aims to distribute the debtor’s insolvency risk equally among co-sureties.

주제별 논단 : 커버드본드(Covered Bond)에 관한 법적 연구: 국민은행 커버드본드의 발행구조 분석 및 관련 법제정비를 위주로

양기진 ( Gi Jin Yang ) 한국금융법학회 2010 金融法硏究 Vol.7 No.1

Since the outbreak of the global credit crisis, covered bond has been getting more attention in financial market. Domestic banks have needs to finance them from abroad using their mortgage loans as collateral; covered bond can be more favorable device to make its issuer finance at less spread gap compared to MBS. This paper analyzes the structure of the structured covered bond issued by Korea-based Kookmin bank in 2009 and also related laws which are needed to be modified to introduce the statutory covered bond into Korea. Kookmin bank brought in foreign capital from its covered bond issuance but at unsatisfactory spread, which the credit rating companies explained as a result of legal uncertainty from lack of laws securing the investors`` dual recourse. Therefore, Korea needs to modify related laws for securing the issue of statutory covered bond. Covered bond is a double-edged financial product. Conflicts of interest arising from issue of covered bond exist among the issuer and its creditors, especially deposit creditors. This matters because commercial banks`` excessive dependence on covered bond would incur loss to the deposit insurance fund. In designing laws for statutory covered bond, 1988 EU UCITS Directive should definitely be taken into consideration.

커버드본드(Covered Bond)에 관한 법적 연구 : 국민은행 커버드본드의 발행구조 분석 및 관련 법제정비를 위주로

양기진 한국금융법학회 2010 金融法硏究 Vol.7 No.1

Since the outbreak of the global credit crisis, covered bond has been getting more attention in financial market. Domestic banks have needs to finance them from abroad using their mortgage loans as collateral; covered bond can be more favorable device to make its issuer finance at less spread gap compared to MBS. This paper analyzes the structure of the structured covered bond issued by Korea-based Kookmin bank in 2009 and also related laws which are needed to be modified to introduce the statutory covered bond into Korea. Kookmin bank brought in foreign capital from its covered bond issuance but at unsatisfactory spread, which the credit rating companies explained as a result of legal uncertainty from lack of laws securing the investors' dual recourse. Therefore, Korea needs to modify related laws for securing the issue of statutory covered bond. Covered bond is a double-edged financial product. Conflicts of interest arising from issue of covered bond exist among the issuer and its creditors, especially deposit creditors. This matters because commercial banks' excessive dependence on covered bond would incur loss to the deposit insurance fund. In designing laws for statutory covered bond, 1988 EU UCITS Directive should definitely be taken into consideration.