Business Field

Civil action refers to a procedure in which the court legally and compulsorily resolves and mediates disputes over judicial rights or legal relations through the jurisdiction of a country.

Compensation for damages refers to restoration to the same state as before when there was no damage in the case of any illegal act causing damage to others.

Claim for damages are stated as duty to recovery and monetary compensation, but Korean civil law takes monetary compensation for convenience. However, when the party expresses its intention, it will be exceptional. Concerning damage to a person’s reputation, the court may substitute for compensation for damages or order a proper disposal for recovering the impaired reputation along with compensation for damages.

Loan is a bond made by means of loan certificate or other methods. Loan claims are likely to cause legal disputes across real estate transactions, ranging from real estate leases to real estate sales and auctions, and the causes and issues are various.

When making a lawsuit claim for loan, “statute of limitations” should be paid attention. “Statute of limitations” is an institution that extinguishes the rights after a specified period of time if the rights holder has not exercised them for a certain period of time even though they were able to exercise their rights. Civil debts are expired if it does not take any action for debt collection for 10 years. In case of commercial bonds, they are caused by the money transaction, and if there is no action within 5 years, it becomes completion of extinctive prescription.

• 1The loan lawsuit is directly claimed by the creditor
• 2Debtor’s default
• 3Sending certification of contents
• 4Application for provisional seizure
• 5Execution clause
• 6Procedures for specifying debtor’s assets
• 7Enforced investigation date on evidence
• 8Compulsory execution

The right to indemnity amount refers to the right of the person who reimbursed the debt on behalf of the creditor, therefore having the right to claim a return to the debtor, and, the recourse amount refers to the amount of claiming. The scope and contents vary depending on the case that a guarantor received the request of the principle debtor, a guarantor received no request of the principle debtor and a guarantor against will of the principle debtor

The right to indemnity will be expired if not exercised within 10 years, therefore a guarantor must actively demand repayment from the debtor when the right to indemnity is valid. The guarantor’s claim for the payment of indemnity to the principal debtor is not restricted in any way, therefore it may be delivered simply in words, however, it is desirable to claim for recourse amount by using certifications of contents, which is proved by the post office.

Certification of contents refers to a special handling institution in which the post office proves that the sender sent a document to the recipient at the post office counter as a registered mail or via the information communication network. If you use certification of content mail, it is proved by the post office that the guarantor has filed a claim to the principal debtor for recourse amount, it may play an important role in the event of a dispute to confirm whether the claim for indemnity has expired by the statute of limitations.

• 1

  Procedure for demand

  If the debtor is not expected to contend with the right to subclaim for the purpose of paying a certain amount of money, other substitute or marketable securities, the procedure shall be taken in which creditors may receive executive power briefly, quickly, and inexpensively.

• 2

  Civil Conciliation

  A judge in charge of arbitration or a judge in charge of coordinating committee in the court listens to claims from the parties about the dispute and presents an arbitration plan in consideration of various circumstances to settle disputes peacefully, simply, and promptly.

• 3

  Lawsuit claim for recourse amount

  If the principal debtor contends for the existence of the debt itself against the guarantor’s claim for the recourse amount, the guarantor may file a claim for indemnity against the principal debtor.

• 4

  Provisional Seizure

  This is an institution in which debtor’s property is seized in advance to prevent debtors from disposing their assets or preserve their bonds that may be converted into monetary bonds or money in the future.