STANDING TIMBER ACT
Act No. 2484, Feb. 6, 1973
Amended by Act No. 5168, Nov. 23, 1996
Act No. 5592, Dec. 28, 1998
Act No. 6820, Dec. 26, 2002
Act No. 10199, Mar. 31, 2010
Act No. 11303, Feb. 10, 2012
The purpose of this Act is to provide for matters necessary for the registration of standing timber, the creation of mortgages thereon, etc.
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| (1) | The terms used in this Act shall be defined as follows: <Amended by Act No. 11303, Feb. 10, 2012> |
| 1. | The term "standing timber" means a cluster of trees appertained to land, the owner of which has completed registration for the preservation of ownership in accordance with this Act; |
| 2. | The term "standing timber register" means the registered information and data on standing timbers that are entered and processed by a computer information processing organization and compiled as prescribed by the Supreme Court Regulations; |
| 3. | The term "standing timber registration record" means the registered information and data relating to a standing timber. |
| (2) | The scope of the cluster under paragraph (1) 1 shall be prescribed by Presidential Decree. <Amended by Act No. 11303, Feb. 10, 2012> |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 3 (Independence of Standing Timber) |
| (1) | Standing timber shall be deemed immovable property. |
| (2) | The owner of standing timber may transfer the title of standing timber separately from land or may offer it as the subject matter of a mortgage. |
| (3) | The disposal of ownership of, or superficies on, the land shall not affect the rights in standing timber thereon. |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 4 (Effects of Mortgages) |
| (1) | Where standing timber has been cut, a mortgage on the standing timber shall remain effective even on the timber separated from land. |
| (2) | A mortgagee may sell timber separated from land under paragraph (1) by an auction even before his/her claim becomes due: Provided, That the proceeds from sale thereof shall be deposited into court. <Amended by Act No. 11303, Feb. 10, 2012> |
| (3) | The owner of trees may deposit reasonable security in court and file a petition for exclusion from the auction under paragraph (2). |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 5 (Management of Mortgaged Standing Timber) |
| (1) | The owner of mortgaged standing timber shall develop and foster the standing timber by the working method agreed between the parties concerned. |
| (2) | If standing timber is destroyed by a natural disaster or otherforce majeure event, the owner of the standing timber shall be discharged from the obligation under paragraph (1). |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 6 (Statutory Superficies) |
| (1) | Where land and the standing timber thereon are separately owned by different owners as the result of an auction of the standing timber or any other event, the owner of the land shall be deemed to have created superficies for the owner of the standing timber. |
| (2) | In cases of paragraph (1), the rent shall be stipulated by an agreement between the parties. |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 7 (Effect of Mortgages over Superficies or Rights to Lease) |
If the standing timber owned by a person with superficies or a leaseholder of land is the subject matter of a mortgage, the person with superficies or the leaseholder shall not concede the right or terminate the contract without the mortgagee's consent.
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 8 (Registration of Standing Timber) |
| (1) | A cluster of trees eligible for registration for preservation of ownership shall be limited to those registered in the original records of registration of standing timber. |
| (2) | A person who intends to have his/her cluster of standing timber registered pursuant to paragraph (1) shall file an application with the Governor of a Special Self-Governing Province, or the head of a Si/Gun/Gu (referring to the head of an autonomous Gu; hereinafter the same shall apply) having jurisdiction over the location of the cluster of standing timber. The same shall also apply to cases where the person intends to file for modified registration of registered facts. <Amended by Act No. 11303, Feb. 10, 2012> |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 9 (Original Records of Registration of Standing Timber) |
| (1) | The Governor of a Special Self-Governing Province, or the head of a Si/Gun/Gu shall keep original records of registration of standing timber, conduct a registration under this Act, and keep them in good order. <Amended by Act No. 11303, Feb. 10, 2012> |
| (2) | Applications related to the original records of registration of standing timber and documents attached thereto shall be preserved for 10 years. |
| (3) | When the Governor of a Special Self-Governing Province, or the head of a Si/Gun/Gu cancels the registration of a cluster of standing timber, he/she shall state the purport of the cancellation in the relevant record, close the record form, and preserve it for 10 years from the date of such closure. <Amended by Act No. 11303, Feb. 10, 2012> |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 10 (Inspection of Original Records of Registration of Standing Timber and Issuance of Certified Transcripts and Abstracts) |
A person who has an interest in a cluster of standing timber may inspect the relevant original record of registration of standing timber or may apply for the issuance of a certified transcript or an abstract of the record.
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 11 (Registration Procedures) |
Necessary matters regarding the procedure for registration under this Act shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 12 Deleted.<by Act No. 11303, Feb. 10, 2012> |
| Article 13 (Principle of Compilation by Subject Matters) |
In compiling the standing timber register, one standing timber registration record shall be dedicated to each standing timber. <Amended by Act No. 11303, Feb. 10, 2012>
[This Article Wholly Amended by Act No. 11303, Feb. 10, 2012]
| Article 14 (Form of Standing Timber Registers) |
A standing timber registration record shall consist of the Title Part recording descriptions of standing timber, Part A recording transactions of ownership, and Part B recording transactions of mortgages.
[This Article Wholly Amended by Act No. 11303, Feb. 10, 2012]
| Article 15 (Entries in Title Part) |
A registration officer shall keep a record of the following descriptions in the title part of the standing timber registration record in addition to the descriptions under Article 34 of the Registration of Real Estate Act: <Amended by Act No. 11303, Feb. 10, 2012> | 1. | The location and area of the part of land to which trees are appertained, if trees are appertained to the part of a parcel of land; and the name and number, if there is a name or number that indicates such part; |
| 2. | Species, quantity, and age of trees; |
| 3. | Year of investigation; |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 16 (Applicant of Registration for Preservation of Ownership) |
| (1) | Any of the following persons may apply for registration for preservation of ownership: <Amended by Act No. 11303, Feb. 10, 2012> |
| 1. | A person who is registered in the registration record as the owner of the land, or a person with superficies on the land, to which standing timber is appertained; |
| 2. | A person who proves his/her ownership by a certificate issued by a person under subparagraph 1; |
| 3. | A person who proves his/her ownership by court ruling. |
| (2) | Deleted. <by Act No. 11303, Feb. 10, 2012> |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 17 (Application for Registration for Ownership Preservation) |
When a person files an application for registration for preservation of ownership but there is a third party who has an interest in the land registration record in connection with the registration for preservation, he/she shall obtain the third party's consent. <Amended by Act No. 11303, Feb. 10, 2012>
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 18 (Registration for Preservation of Ownership) |
| (1) | Where a registration officer registers the preservation of ownership of trees appertained to a parcel of land that has been already registered, if a mortgage on the said land or on superficies thereon is registered in the registration record of the said land, he/she shall transcribe such registration in the standing timber registration record: Provided, That the foregoing shall not apply to cases where the registration denotes that the mortgage does not affect such trees. <Amended by Act No. 11303, Feb. 10, 2012> |
| (2) | When a mortgage is transcribed pursuant to paragraph (1), a registration officer shall prepare a list of joint mortgages, except where a list of joint mortgages is already prepared with respect to the registration of the mortgage. |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 19 (Registration for Preservation of Ownership) |
| (1) | Where a registration officer has made registration of the preservation of ownership of trees appertained to a parcel of land that has been already registered and made separate registration for standing timber for such trees, he/she shall indicate the standing timber registration record in the title part of the registration record of such land. <Amended by Act No. 11303, Feb. 10, 2012> |
| (2) | Upon closing the standing timber registration record, the registration officer shall delete such indication under paragraph (1). <Amended by Act No. 11303, Feb. 10, 2012> |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 20 (Registration of Modification) |
| (1) | When a cluster of standing timber is divided, merged, or extinguished, or when there is a change under any subparagraph of Article 15, the person registered as the owner shall file an application for the registration of such a change without delay: Provided, That the foregoing shall not apply to cases where a change occurs by natural development or growth of trees or by a working method under Article 5 (1). |
| (2) | Paragraph (1) shall also apply to cases where there is a change in the land category, lot number, or area of the land appertaining to the cluster of standing timber. |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 21 (Details of Registration of Mortgage) |
[This Article Wholly Amended by Act No. 11303, Feb. 10, 2012]
| Article 22 (Forest Insurance) |
| (1) | A person who intends to create a mortgage over standing timber, he/she shall subscribe for an insurance policy (including a mutual aid under the Agricultural Cooperatives Act or the Forestry Cooperatives Act; the same shall apply hereinafter). |
| (2) | The coverage of the insurance under paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
| Article 23 (Application Mutatis Mutandis of the Registration of Real Estate Act) |
[This Article Wholly Amended by Act No. 10199, Mar. 31, 2010]
ADDENDUM
This Act shall enter into force 30 days after the date of its promulgation.
ADDENDUM<Act No. 5168, Nov. 23, 1996>
This Act shall enter into force on the date of its promulgation.
ADDENDA<Act No. 5592, Dec. 28, 1998>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 Omitted.
Article 3 (Relationships to Other Acts and Subordinate Statutes)
A citation of "registration officer" by any other Act or subordinate statute in force as at the time this Act enters into force shall be construed as "registry officer".
ADDENDA<Act No. 6820, Dec. 26, 2002>
| (1) | (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. |
ADDENDUM<Act No. 10199, Mar. 31, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDUM<Act No. 11303, Feb. 10, 2012>
This Act shall enter into force six months after the date of its promulgation.