Money Under The Government’S Custody Act


Published: 2009-12-29

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 Article 1 (Escheat to National Treasury)   print
Public or private money held in the Government's custody (hereinafter referred to as "money in custody") pursuant to any Act or subordinate statute shall escheat to the National Treasury, except as otherwise provided for in any other Act, unless a request for refund thereof is made by not later than five years from the date on which any of the following subparagraphs applies:
1. Money in custody with a deadline after which the obligation to retain terminates: Date after such obligation terminates;
2. Money in custody without a deadline after which the obligation to retain terminates: Date after such money is taken into the Government's custody;
3. Money in custody, the refund of which cannot be requested because a lawsuit therefor is filed: Date after the relevant judgment becomes final and conclusive.
[This Article Wholly Amended by Act No. 9826, Dec. 29, 2009]
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 Article 2 (Interest)   print
Money in custody shall not bear interest unless any Act or subordinate statute or any contract provides otherwise.
[This Article Wholly Amended by Act No. 9826, Dec. 29, 2009]
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 Article 3 (Prohibition of Sale, etc.)   print
No custody certificate may be the subject matter of sale, transfer or pledge.
[This Article Wholly Amended by Act No. 9826, Dec. 29, 2009]
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 Article 4 (Tax Exemption)   print
No revenue stamp needs to be affixed to a certificate of deposition of money in custody.
[This Article Wholly Amended by Act No. 9826, Dec. 29, 2009]
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 Article 4-2 (Provisions Applicable Mutatis Mutandis)   print
With respect to receipt, disbursement, and keeping of money in custody, Articles 35, 37, 38, 40, 45 and 46 of the Management of the National Funds Act shall apply mutatis mutandis.
[This Article Wholly Amended by Act No. 9826, Dec. 29, 2009]
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 Article 5 Deleted.<by Act No. 9826, Dec. 29, 2009>   print
ADDENDA
(1) This Act shall enter into force on the date of its promulgation.
(2) The Ordinance on Enforcing in Chosun the Regulations on Money in Custody, 4244 in the era, is hereby repealed.
ADDENDUM<Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDA<Act No. 6836, Dec. 30, 2002>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2003.
Articles 2 through 7 Omitted.
ADDENDUM<Act No. 9826, Dec. 29, 2009>
This Act shall enter into force on the date of its promulgation.