Deposit Act


Published: 2011-04-05

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CHAPTER I GENERAL PROVISIONS
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 Article 1 (Purpose)   print
The purpose of this Act is to prescribe procedures for making deposits pursuant to Acts and subordinate statutes and matters necessary to efficiently manage and operate deposited goods.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 2 (Performance of Deposit Clerical Services)   print
(1) Deposit clerical services under the Acts and subordinate statutes shall be performed by persons who are designated by the chief justice of each district court or the chief justice of the branch court of each district court from among his/her senior clerks and clerks: Provided, That in cases of Si/Gun courts, deposit clerical services may be performed by persons who are designated by the chief justice of each district court or the chief justice of the branch court of each district court from among their junior clerks and assistant clerks.
(2) Deposit clerical services of a deposit office, which are designated and publicly announce by the Minister of the National Court Administration, may be processed as electronic documents using an electronic data processing system, as prescribed by the Supreme Court Regulations. <Newly Inserted by Act No. 10537, Apr. 5, 2011>
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 3 (Designation of Persons to be in Charge of Custody of Deposited Goods)   print
(1) The Chief Justice of the Supreme Court shall designate banks and warehouse business operators to keep money, securities and other goods in custody, which are deposited pursuant to Acts and subordinate statutes.
(2) When the Chief Justice of the Supreme Court designates banks that hold deposited funds in custody, which is deposited pursuant to paragraph (1), he/she shall consider the opinions of the chief justices of the relevant district courts and undergo the deliberation by the Deposited Funds Custodial Committee provided for in Article 15 in order to ensure such designations reflect the characteristics of the community, such as the public interest and the contributions to the local community.
(3) The banks and warehouse operators designated pursuant to paragraph (1) shall hold in custody deposited funds, securities and other goods which belong to the category of his/her business to the extent of the quantity they are capable of keeping in custody, and a bona-fide manager shall give due attention in keeping them in custody.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
CHAPTER II DEPOSIT PROCEDURES
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 Article 4 (Deposit Procedures)   print
Any person who intends to make any deposit shall prepare a certificate of deposit, as prescribed by the Supreme Court Regulations and transfer his/her deposited goods to any designated bank or any designated warehouse operator after submitting such certificate of deposit to the person in charge of deposit clerical services provided for in Article 2 (hereinafter referred to as deposit officer).
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 5 (Special Cases concerning Deposits for Foreigners, etc.)   print
(1) Payment deposits for foreigners who have no address or place of residence in the Republic of Korea or Korean nationals who reside in foreign countries (hereinafter referred to as foreigners, etc.) may be made at the deposit office in the location of the Supreme Court.
(2) Procedures for foreigners, etc. to make deposits and for making deposits on behalf of foreigners, etc. and other necessary matters may be prescribed by the Supreme Court Regulations.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 6 (Interest Accruing to Deposited Funds)   print
The interest prescribed by the Supreme Court Regulations may accrue to the deposited funds.
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 Article 7 (Keeping of Interest, etc. in Custody)   print
Any designated bank or designated warehouse operator shall, where a claim is filed by any person who is entitled to receive deposited goods, keep the refund of the deposited securities, the interest or the dividends in custody after receiving them: for guaranty deposits, where securities are deposited in lieu of the security money, the depositor may claim his/her interest or dividends.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 8 (Custody Fees)   print
The banks or warehouse operators that hold deposited goods in custody may claim custody fees from persons who receive their deposited goods, which they claim in general in relation to the same kinds of goods.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 9 (Receipt and Claim of Deposited Goods)   print
(1) Any person who intends to reclaim his/her deposited goods shall verify his/her right to do so, as prescribed by the Supreme Court Regulations.
(2) When a depositor falls under any of the following subparagraphs, he/she may reclaim his/her deposited goods after attesting the fact:
1. Where he/she intends to reclaim his/her deposited goods pursuant to Article 489 of the Civil Act;
2. Where his/her goods have been deposited in error;
3. Where the grounds for having his/her goods deposited have ceased to be relevant.
(3) Where the deposited goods under paragraphs (1) and (2) are money (including cases where the refund of the deposited securities and the dividends pursuant to Article 7, or the proceeds that have accrued from the sale of the deposited goods under Article 11, are deposited), the rights for the receipt and claim of the principal or interests thereof shall be extinguished due to the prescription, if the rights are not exercised for ten years from the time they are able to be exercised. <Newly Inserted by Act 9836, Dec. 29, 2009>
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 10 (Payment)   print
Where any person who is entitled to assume rights over the deposited goods shall pay for the deposit, he/she shall be prohibited from assuming rights over the deposited goods if he/she fails to attest his/her payment for the deposit by means of depositor's written statement, written judgment, official document or other public documents prepared by public offices.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 11 (Handling of Deposited Goods)   print
When special circumstances make it impossible for the deposited goods to perform their original function, etc. due to long-term custody, any person in charge of deposited goods shall request the relevant depositor to assume rights over his/her deposited goods by fixing an appropriate period and if the relevant depositor fails to assume rights over the deposited goods during the period, the person in charge of such deposited goods may sell the deposited goods, as prescribed by the Supreme Court Regulations, and then deposit the proceeds thereof, or dispose of the deposited goods.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
CHAPTER III OBJECTION, ETC.
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 Article 12 (Raising Objections to Disposition)   print
(1) Any person who is dissatisfied with a disposition taken by a deposit officer may raise an objection to the competent district court.
(2) Objections under paragraph (1) shall be filed by submitting a written objection to a deposit office.
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 Article 13 (Measures Taken by Deposit Officers)   print
(1) When any deposit officer recognizes that an objection raised pursuant to Article 12 has reasonable grounds, the deposit officer shall take a disposition according to the purport of the objection raised and notify the complainant of the contents of such disposition.
(2) When any deposit officer recognizes that an objection does not have the reasonable grounds, he/she shall submit the written objection accompanied by his/her opinion to the competent district court within five days from the date on which he/she receives the objection.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 14 (Decision and Appeal with Respect to Objection Raised)   print
(1) The competent district court shall decide on each application for raising an objection, which is accompanied by the grounds therefor and send a written decision to the relevant deposit officer and the person who has raised the objection. In such cases, when it is recognized that the objection is reasonable, the competent district court shall order the deposit officer to take a reasonable disposition.
(2) With respect to the decision referred to in paragraph (1), an appeal may be made against such decision pursuant to the Non-Contentious Case Litigation Procedure Act.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
CHAPTER IV DEPOSITED FUNDS CUSTODIAL COMMITTEE
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 Article 15 (Establishment of Deposited Funds Custodial Committee)   print
(1) The Deposited Funds Custodial Committee (hereinafter referred to as the Committee) mandated to efficiently deal with each of the following matters in relation to keeping in custody, managing, etc. deposited funds, shall be established:
1. The examination of the designations of banks that keep deposited funds in custody and the examination as to whether such banks are suited to keep the deposited funds in custody;
2. The management, operation and spending of the contributions provided for in Article 19;
3. Other matters prescribed by the Supreme Court Regulations.
(2) The Committee shall be constituted as a juristic person.
(3) The location of the principal office of the Committee shall be determined by its articles of association.
(4) The Committee shall be established by being registered at the registry office nearest the location of its principal office.
(5) The Committee shall independently perform the work concerning the matters referred to in each subparagraph of paragraph (1).
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 16 (Composition, etc. of Deposited Funds Custodial Committee)   print
(1) The Committee shall be comprised of nine members, including one chairperson.
(2) The chairperson and the members shall be appointed by the Minister of Court Administration according to the standards falling under each of the following subparagraphs: <Amended by Act No. 10537, Apr. 5, 2011>
1. Three judges or court officials of Grade III or higher in rank;
2. One State public official of Grade III or higher in rank, as recommended by the Minister of Strategy and Finance, or one public official in general service who belongs to the Senior Civil Service;
3. One prosecutor or State public official of Grade III or higher in rank, as recommended by the Minister of Justice, or one public official in general service who belongs to the Senior Civil Service;
4. One State public official of Grade III or higher in rank, as recommended by the Financial Services Commission, or one public official in general service who belongs to the Senior Civil Service;
5. Three persons from among attorneys-at-law, certified public accountants and university professors of profound learning and experience in the deposit system.
(3) The terms of office for the chairperson and each member shall be two years, any of whom may be reappointed.
(4) Where any member loses his/her position or his/her qualification referred to in paragraph (2) 1 through 5 during his/her term of office, his/her status as a member shall be relinquished.
(5) The chairperson shall represent the Committee and exercise overall control of the clerical work of the Committee.
(6) A secretariat may be set up in order to support the clerical work of the Committee, as prescribed by the Supreme Court Regulations.
(7) Other matters necessary to operate the Committee shall be prescribed by the articles of association.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 17 (Articles of Association)   print
(1) The following matters shall be included in the articles of association of the Committee:
1. Objectives;
2. Name;
3. Location of its office;
4. Work and performance thereof;
5. Property and accounting;
6. Establishment of the secretariat;
7. Appointment and dismissal of members;
8. Amendments to the articles of association;
9. Means of making its public announcement.
(2) When the articles of association are made or amended, approval therefor shall be obtained from the Minister of Court Administration.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 18 (Registration Entries)   print
The registration entries of the Committee shall be as follows:
1. Objectives;
2. Name;
3. Location of its office;
4. Names, resident registration numbers and domiciles of members.
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 Article 19 (Contributions)   print
(1) Banks that keep deposited funds in custody may contribute part of the revenues from managing deposited funds to the Committee each year.
(2) Where a bank that keeps deposited funds in custody makes a contribution to the Committee pursuant to paragraph (1), necessary matters concerning the scope of the revenues, means of making the contributions, conditions for making the contributions, etc. shall be prescribed by the Supreme Court Regulations.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 20 (Management and Operation of Contributions)   print
The Committee shall manage and operate the contributions in the ways falling under any of the following subparagraphs:
1. Deposits in financial institutions;
2. Purchases of securities that are issued directly by or performance of obligation is guaranteed by the State, local governments or financial institutions;
3. Other ways of increasing its funds, as prescribed by the articles of association.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 21 (Purposes of Use of Contributions, etc.)   print
The Committee shall use the contributions and profits earned from the management and operation of the contributions for the purposes falling under each of the following subparagraphs and preferentially use the contributions and the profits for financially supporting the areas, other than Seoul Metropolitan area pursuant to subparagraph 1 of Article 2 of the Seoul Metropolitan Area Readjustment Planning Act:
1. Development and operation of a deposit computer system;
2. Financial support for expenses necessary for the state-appointed defense attorney and lawsuit defense;
3. Financial support for allowances, etc. paid to mediators;
4. Funds for expenses entailed in operating the Committee;
5. Financial support for legal aid business;
6. The funding for public-interest projects determined by resolution of the Committee.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 22 (Budget Accounting)   print
(1) The business year of the Committee shall coincide with the fiscal year of the Government.
(2) The Committee shall compile a fund operation plan and a draft budget for each business year and then obtain approval therefor from the Chief Justice of the Supreme Court at least one month prior to the commencement of the relevant business year. The same shall apply where it is to amend the fund operation plan and the draft budget.
(3) The Committee shall compile a record of its activities and written records of account settlements for each business year and certify the written records of account settlements after obtaining approval therefor from the Chief Justice of the Supreme Court not later than the end of April of the following business year and then submit the results thereon to the Board of Audit and Inspection of Korea before reporting them to the National Assembly. <Amended by Act No. 10537, Apr. 5, 2011>
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 23 (Accounting Principles)   print
The accounting of the Committee shall be performed according to corporate accounting principles in order to clearly reflect the operational performance of its funds and any increases and decreases as well as any changes in its asset holdings.
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 Article 24 (Concurrent Work of Public Officials)   print
The Minister of Court Administration may allow public officials who work for the Court Administration to work concurrently for the Committee at the request of the chairperson of the Committee.
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 Article 25 (Supervision)   print
(1) The Minister of Court Administration shall direct and supervise the Committee, and when it is deemed necessary, he/she may instruct or order the Committee in relation to its work.
(2) The Minister of Court Administration may, when it is deemed necessary, cause the Committee to report matters concerning its work, accounting and assets or arrange for public officials who belong to the Ministry of Court Administration to check the books, documents and other items of the Committee.
(3) The public officials who perform the checks pursuant to paragraph (2) shall carry certificates verifying their authority and produce them to persons concerned.
[This [This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 25-2 (Accounting Inspection)   print
(1) The written records of account settlements, including the Committee's revenue and expenditure, shall be inspected by the Board of Audit and Inspection of Korea.
[This Article Newly Inserted by Act No. 10537, Apr. 5, 2011]
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 Article 26 (Legal Fiction of Public Officials in Application of Penal Provisions)   print
Any member of the Committee who is not a public official shall be deemed a public official for the purposes of the application of the penal provisions provided for in the Criminal Act or other Acts.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
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 Article 27 (Rules of Supreme Court)   print
Matters needed to enforce this Act shall be prescribed by the Supreme Court Regulations.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 3 (2) and 15 through 26 shall enter into force on January 1, 2008.
Article 2 Omitted.
ADDENDUM<Act No. 8921, Mar. 21, 2008>
This Act shall enter into force on the date of its promulgation.
ADDENDUM<Act No. 9836, Dec. 29, 2009>
This Act shall enter into force on the date of its promulgation.
ADDENDUM<Act No. 10537, Apr. 5, 2011>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation.
(2) (Applicability to Accounting Inspection, etc.) The amended provisions of Articles 22 and 25-2 shall apply, along with the commencement of any fiscal year immediately after the fiscal year which includes the date on which this Act enters into force.