S-Space College of Law/Law School (법과대학/대학원) The Law Research Institute (법학연구소) Journal of Korean Law Journal of Korean Law Volume 13 Number 1/2 (2013/2014)
Development of Security Rights Law since the Codification of the Civil Code of Korea
- Kim, Jae Hyung
- Issue Date
- BK 21 law
- Journal of Korean Law, Vol.13 No.2, pp. 271-300
- Civil Code, Security Rights; Mortgage; Keun-mortgage; Pledge; Transfer of Ownership for Security Purposes; the Act on Security over Movable Property, Claims, etc.; Civil Code Amendment Committee
- The Civil Code of Korea (hereafter “Civil Code” or “Code”) came into effect as of January 1, 1960. It would be meaningful to review changes taken place in a certain area of civil law since the codification. I would confine the scope of discussion to security rights law, especially, keunmortgage and the Act on Security over Movable Property, Claims, etc. and the changes taken place in that area of the law since the codification of the Civil Code. I would like to explain how security rights law impacted the transactions system in Korea and how that, in turn, prompted the amendment of the Civil Code and the enactment of a number of special acts. The security rights law is basically modeled after the European civil codes, but it has diverged from its model and undergone some changes. Such changes have been achieved sometimes through the development of case law or legal theories, and other times by the enactment of new acts. The Act on Security over Movable Property, Claims, etc. has incorporated some elements of the American legal system, thereby attaching a new meaning and perspective to our history of reception of foreign legal systems.