『동산ㆍ채권 등의 담보에 관한 법률』의 동산담보의 법률관계에 대한 管見 = In the “Law on Securities like Movables, Claims, and so forth”, Review on relationship of security interest parties - A Comparison between UCC Article 9 and Law on Securities like Movables, Claims, and so forth -

다국어 초록 (Multilingual Abstract)

The recently passed “Law on Securities like Movables, Claims, and so forth” is to create a new “Security Interest” on the movables and the claims, which shall be made public by “Registration”, in order to promote mortgage financing that holds mortgages on the company’s stocks, facilities or account receivables. In accordance with the contents of the Law, the principles of property law are included intact without any special modification and the effect of security right on the movables by expanding the valid range of the real subrogation to the transactions and rentals. (Article 14) However, it might be a problem that the Law fails to notice the fact that the debtor of the movables is still occupying the objects without the security interest under distraint. Thus, it is questionable whether the security interest can replace the right of pledge, chattel mortgage and so forth and become the security interest on the movables in the true sense in the area of company financing, even though the contents of Law on Security Interest are constituted in the way of complying with the civil law. Concretely speaking, the followings look controversial and it is necessary to consider the legal principles of the uniform commercial code in order to cope with such limitations.
First, it is suspected if the effect of real subrogation can be properly detected in case that the collaterals are changed into the amount of purchase price for easy disposal. In order to execute the real subrogation, the secured party shall place the account receivables under distraint before the payment for or the transfer of such account receivables. After the amount of purchase price are paid in cash or in the other forms, or transferred into the bank account in the name of security setter, such secured interests become mingled with the debtors’ general properties to lose their specificity. In this case, the right of real subrogation becomes extinct and the security right owner on the movables, at the best, can demand fulfillment of the original liabilities or claim the return of unjust enrichment equivalent to the amount of secured debt against the surety who stood movables security. Without extraordinary measures, it is expected that the right on movable securities will repeat the mistakes of chattel mortgage which is operated in combination with the prohibition of provisional disposition. In the meantime, if distraint are not required in exercising the real subrogation as shown from the argument on revision of the civil law, the effect of security right seems to be able to reach the deposit accounts. Unless the specificity issue on the amount of purchase price mixed into the deposit accounts is properly settled, however, it cannot be said that the effect of security interest reach the deposit accounts. Therefore, distraint is not necessary in exercising the real subrogation against the amount of purchase price and rents before the payment for or the transfer of account receivables and so on is made to the security setter. In this case, the effect of security interest can reach the deposit accounts even after the amount of purchase price is paid into the deposit accounts. It does not differ from that of revision of the civil law. One of the concerns is that the amount of purchase price mingled into the deposit accounts shall be handled in the way of settling the interests of several interested parties including subordinated secured parties, unsecured creditors and so forth while not breaking the frame of “Specificity of the Objects”, which is the basic principal of the Law of Reality. The solution is to acknowledge that the effect of security right reaches the deposit accounts by taking the legal principles of equity law of UCC into consideration. Of the several methods in the equity law above, the most reasonable one is “lowest intermediate balance rule”.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 동산담보권의 대내적 법률관계
• Ⅲ. 동산담보권의 대외적 법률관계
• Ⅳ. 결론
• 〈참고문헌〉
• 〈Abstract〉

참고문헌 (Reference)

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