DEPOSIT ACT
Wholly Amended by Act No. 8319, Mar. 29, 2007
Amended by Act No. 8921, Mar. 21, 2008
Act No. 9836, Dec. 29, 2009
Act No. 10537, Apr. 5, 2011
Act No. 12880, Dec. 30, 2014
Act No. 13565, Dec. 15, 2015
Act No. 15971, Dec. 18, 2018
CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to prescribe procedures for making deposits pursuant to statutes or regulations and matters necessary to efficiently manage and operate deposited property.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 2 (Performance of Deposit Affairs) |
| (1) | Deposit affairs under statutes or regulations shall be performed by persons who are designated by the chief judge of each district court or the chief judge of the branch court of each district court from among court officials of Grades IV and V under him or her: Provided, That in cases of Si/Gun courts, deposit affairs may be performed by persons who are designated by the chief judge of each district court or the chief judge of the branch court of each district court from among court officials of Grades VI and VII under him or her. <Amended by Act No. 10537, Apr. 5, 2011> |
| (2) | Deposit affairs of a deposit office, which are designated and publicly notified by the Minister of the National Court Administration, may be processed as electronic documents through 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]
| Article 3 (Designation of Custodian of Deposited Property) |
| (1) | The Chief Justice of the Supreme Court shall designate banks and warehouse business operators to take custody of money, securities and other properties deposited pursuant to statutes or regulations. |
| (2) | When the Chief Justice of the Supreme Court designates a bank to take custody of deposited funds deposited pursuant to paragraph (1), he or she shall consider the opinions of the chief judges of the relevant district courts and undergo 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 property which belong to the category of his or her business to the extent of the quantity they are capable of keeping in custody, and shall hold them in custody with due attention of a prudent manager. |
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
CHAPTER II DEPOSIT PROCEDURES
| Article 4 (Deposit Procedures) |
Any person who intends to make any deposit shall prepare a certificate of deposit, as prescribed by the Supreme Court Regulations and transfer his or her deposited property to any designated bank or any designated warehouse operator after submitting such certificate of deposit to the person in charge of deposit affairs provided for in Article 2 (hereinafter referred to as "deposit officer"). [This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 5 (Special Cases concerning Deposits for Foreigners, etc.) |
| (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 placed in the deposit office in the jurisdiction where the Supreme Court is situated. |
| (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]
| Article 6 (Interest Accruing to Deposited Funds) |
The interest prescribed by the Supreme Court Regulations may accrue to the deposited funds.
| Article 7 (Keeping of Interest in Custody) |
Any designated bank or designated warehouse operator shall, upon a claim by any person who is entitled to receive deposited property, receive and keep in custody the redemption proceeds, interest or dividends on the deposited securities: Provided, That, for guaranty deposits, where securities are deposited in lieu of the security money, the depositor may claim his or her interest or dividends.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
The banks or warehouse operators that hold deposited property in custody may charge persons who receive their deposited property such custody fees as they generally charge with respect to the same kinds of property.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 9 (Receipt and Recovery of Deposited property) |
| (1) | Any person who intends to receive his or her deposited property shall verify his or her right to do so, as prescribed by the Supreme Court Regulations. |
| (2) | In any of the following cases, a depositor may recover his or her deposited property after attesting the fact: |
| 2. | Where his or her property have been deposited by mistake; |
| 3. | Where the grounds for having his or her property deposited ceases to exist. |
| (3) | Where the deposited property under paragraphs (1) and (2) are money (including cases where redemption proceeds or dividends on the deposited securities under Article 7, or proceeds from sale of the deposited property under Article 11, are deposited), the rights to receive or recover the principal or interests thereon shall be extinguished by prescription, if the rights are not exercised for 10 years from the time they become exercisable. <Newly Inserted by Act 9836, Dec. 29, 2009> |
| (4) | The Minister of the National Court Administration may inform persons with right to receive or recover the deposited funds pursuant to paragraphs (1) and (2) that they have the rights to receive or recover the deposited funds, as prescribed by the Supreme Court Regulations, before the prescription under paragraph (3) is completed. <Newly Inserted by Act No. 15971, Dec. 18, 2018> |
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 10 (Consideration) |
Where any person entitled to receive the deposited property is required to provide consideration for the deposit, he or she may not receive the deposited property if he or she fails to prove payment of the consideration by means of a written statement by the depositor, written judgment, notarized deed or other public documents prepared by public offices.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 11 (Handling of Deposited Property) |
In special circumstances such as a deposited property is unable to perform its original intended function for being held in custody too long, the custodian of the deposited property shall notify and urge the relevant depositor to take over the deposited property by specifying an appropriate period to do so, and if the relevant depositor fails to take over the deposited property during the period, the custodian of the deposited property may sell the deposited property and deposit the proceeds thereof or dispose of the deposited property, as prescribed by the Supreme Court Regulations.
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 12 (Raising Objections to Disposition) |
| (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. |
| Article 13 (Measures Taken by Deposit Officers) |
| (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 or she shall submit the written objection accompanied by his or her opinion to the competent district court within five days from the date on which he or she receives the objection. |
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 14 (Decision and Appeal with Respect to Objection Raised) |
| (1) | The competent district court shall issue a written ruling specifying the grounds for its decision with respect to the objection, and send it to the relevant deposit officer and the person who has raised the objection. In such cases, if the court determines that the objection is with merit, it shall order the deposit officer to take a reasonable disposition. |
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
CHAPTER IV DEPOSITED FUNDS CUSTODIAL COMMITTEE
| Article 15 (Establishment of Deposited Funds Custodial Committee) |
| (1) | The Deposited Funds Custodial Committee (hereinafter referred to as the "Committee") shall be established to efficiently handle each of the following matters in relation to keeping in custody, managing, etc. deposited funds: <Amended by Act No. 13565, Dec. 15, 2015> |
| 1. | The examination to designate banks that keep deposited funds in custody and the examination to determine whether such banks are suited to keep the deposited funds in custody; |
| 2. | The deliberation on and confirmation of the contributions provided for in Article 19 and the operation expenses of the Committee; |
| 3. | Other matters prescribed by the Supreme Court Regulations. |
| (2) | The Committee shall be a body corporate. |
| (3) | The location of the principal office of the Committee shall be deter- mined by its articles of association. |
| (4) | The Committee shall be established by being registered at the registry office nearest to 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]
| Article 16 (Composition of Deposited Funds Custodial Committee) |
| (1) | The Committee shall be comprised of nine members, including one chairperson. |
| (2) | The chairperson and the members shall be appointed or commissioned by the Minister of National Court Administration according to the standards falling under each of the following: <Amended by Act No. 10537, Apr. 5, 2011; Act No. 12880, Dec. 30, 2014> |
| 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, or one member in general service of the Senior Executive Service, as recommended by the Minister of Economy and Finance, ; |
| 3. | One prosecutor or State public official of Grade III or higher in rank, or one member in general service of the Senior Executive Service, as recommended by the Minister of Justice; |
| 4. | One State public official of Grade III or higher in rank, or one member in general service of the Senior Executive Service, as recommended by the Financial Services Commission; |
| 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 chairperson and each member shall hold office for a term of two years and may be reappointed for further terms. |
| (4) | Where any member loses his or her position or his or her qualification referred to in paragraph (2) 1 through 5 during his or her term of office, his or her status as a member shall be relinquished. |
| (5) | The chairperson shall represent the Committee and exercise general supervision over the affairs of the Committee. |
| (6) | The Committee may establish a secretariat to assist in managing its affairs, 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]
| Article 17 (Articles of Association) |
| (1) | The following matters shall be included in the articles of association of the Committee: <Amended by Act No. 12880, Dec. 30, 2014> |
| 3. | Location of its office; |
| 4. | Work and performance thereof; |
| 5. | Property and accounting; |
| 6. | Establishment of the secretariat; |
| 7. | Appointment and commission, and dismissal and decommission 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]
| Article 18 (Registration Entries) |
The registration entries of the Committee shall be as follows:
| 3. | Location of its office; |
| 4. | Names, resident registration numbers and domiciles of members. |
| Article 19 (Contributions) |
| (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]
| Articles 20 through 23 Deleted. <by Act No. 13565, Dec. 15, 2015> |
| Article 24 (Concurrent Work of Public Officials) |
The Minister of National Court Administration may allow public officials who work for the National Court Administration to work concurrently for the Committee at the request of the chairperson of the Committee.
| (1) | The Minister of National Court Administration shall direct and supervise the Committee, and when it is deemed necessary, he or she may instruct or order the Committee in relation to its work. |
| (2) | The Minister of National 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 National Court Administration to inspect the books, documents and other items of the Committee. |
| (3) | The public officials who perform inspections under paragraph (2) shall carry certificates verifying their authority and produce them to persons concerned. |
[This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 25-2 Deleted. <by Act No. 13565, Dec. 15, 2015> |
| Article 26 (Legal Fiction of Public Officials in Application of Penalty Provisions) |
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 penalty provisions provided for in the Criminal Act or other statutes. [This Article Wholly Amended by Act No. 8921, Mar. 21, 2008]
| Article 27 Deleted. <by Act No. 13565, Dec. 15, 2015> |
CHAPTER V JUDICIAL SERVICE PROMOTION FUND
| Article 28 (Establishment of Fund) |
The court shall establish the Judicial Service Promotion Fund (hereinafter referred to as the "Fund") to secure and supply funds necessary to improve the judicial system and providing the public with better judicial services including legal aid service.
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 29 (Raising of Fund) |
| (1) | The Fund shall be derived from the following sources: |
| 1. | Contribution from the Committee under paragraph (2); |
| 2. | Transferred money from other accounts or funds; |
| 3. | Cash, articles and other property contributed or donated by persons other than the Committee; |
| 4. | Profits generated from the operation of the Fund; |
| 5. | Other revenues prescribed by the Supreme Court Regulations. |
| (2) | The Committee shall contribute the remainder of funds contributed to the Commission under Article 19 to the Fund after excluding the expenses for operating the Committee. |
| (3) | Where any person other than the Commission makes any contribution or donation under paragraph (1) 3, he or she may designate the usage thereof. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 30 (Management and Operation of Fund) |
| (1) | The Fund shall be managed by the Minister of the National Court Administration. |
| (2) | Where there is surplus money in the Fund, the Minister of the National Court Administration may manage it by any of the following means: |
| 1. | Purchase of securities which are issued directly by, or performance of obligation for which is guaranteed by, the State and local governments or financial institutions; |
| 3. | Other means of increasing its funds prescribed by the Supreme Court Regulations. |
| (3) | Other matters necessary for the management and operation of the Fund shall be prescribed by the Supreme Court Regulations. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 31 (Usage of Fund) |
The Fund shall be used for the following purposes:
| 1. | Improvement of the deposit system and development and operation of a deposit computer system; |
| 2. | Operation of the state-appointed defense attorney system and the litigation aid system; |
| 3. | Operation of the mediation system; |
| 4. | Support for legal aid service and legal support service for crime victims; |
| 5. | Raising, management and operation of the Fund; |
| 6. | Other public services for improvement of judicial system or for betterment of judicial services such as support in juvenile protection and improvement of civil service, which are services or activities prescribed by the Supreme Court Regulations following resolution of the Deliberative Committee under Article 32. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 32 (Fund Operation Deliberative Committee) |
| (1) | The Fund Operation Deliberative Committee (hereinafter referred to as the "Deliberative Committee") shall be established at the National Court Administration to deliberate on the following matters pertaining to the management and operation of the Fund: |
| 1. | Major policies concerning the management and operation of the Fund; |
| 6. | Important matters concerning the management and operation of the Fund which are prescribed by the Supreme Court Regulations and other matters deemed necessary and submitted by the chairperson of the Deliberative Committee. |
| (2) | The Deliberative Committee shall comprise 10 members, including one chairperson, who are appointed or commissioned by the Minister of the National Court Administration according to the following standards: |
| 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, or one member in general service of the Senior Executive Service, as recommended by the Minister of Economy and Finance; |
| 3. | One prosecutor or State public official of Grade III or higher in rank, or one member in general service of the Senior Executive Service, as recommended by the Minister of Justice; |
| 4. | Five persons from among attorneys-at-law, certified public accountants and university professors of profound learning and experience in the judicial services. |
| (3) | Composition and operation of the Deliberative Committee and other necessary matters shall be prescribed by the Supreme Court Regulations. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 33 (Accounting Organ of Fund) |
The Minister of the National Court Administration shall appoint fund revenue collecting officials, fund financiers, fund expenditure officials and accounting officials from among the public officials under his or her control to have them handle affairs concerning the revenue and expenditure of the Fund.
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 34 (Fiscal Year of Fund) |
The fiscal year of the Fund shall conform to the fiscal year of the Government.
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 35 (Accounting of Fund) |
The accounting treatment of the Fund shall be in conformity with the business accounting principles.
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 36 (Temporary Borrowing of Fund) |
The Minister of the National Court Administration may temporarily borrow funds from the Bank of Korea or other financial institutions at the expense of the Fund, if necessary for the operation of the Fund.
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 37 (Prohibition of Use of Fund for any other Purpose and Return of Fund) |
| (1) | Funds received under Article 31 shall not be used for any other purpose than that for which it is granted. |
| (2) | If a person who has received fund support has received it by fraud or other improper means or has used the supported fund for any other purpose than that for which it is granted, the Minister of the National Court Administration may revoke the support and require return of all or part of the fund. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 38 (Report and Supervision) |
| (1) | A person who receives fund support shall report a plan for, and the result of, the use of the fund to the Minister of the National Court Administration as prescribed by the Supreme Court Regulations. |
| (2) | Where deemed necessary, the Minister of the National Court Administration may have public officials under his or her control to inspect the books, documents and other articles of a person who has received fund support. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 39 (Accounting of Profit and Loss) |
| (1) | Where any profit has been generated as a result of the settlement of accounts, it shall be deposited in full to the Fund. |
| (2) | Where any loss has occurred as a result of the settlement of accounts, it shall be made up for by the reserve fund, and where the reserve fund is insufficient, the Government may make up for it within the budgetary limits. |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 40 (Legal Fiction as Public Official in Application of Penalty Provisions) |
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
| Article 41 (Supreme Court Regulations) |
Matters necessary for the enforcement of this Act shall be prescribed by the Supreme Court Regulations.
[This Article Newly Inserted by Act No. 13565, Dec. 15, 2015]
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
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.
ADDENDA <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 to the fiscal year immediately following the fiscal year which includes the date on which this Act enters into force and each fiscal year thereafter. |
ADDENDUM <Act No. 12880, Dec. 30, 2014>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 13565, Dec. 15, 2015>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 15 (1), 20 through 23, and 25-2 shall enter into force on January 1, 2016.
ADDENDUM <Act No. 15971, Dec. 18, 2018>
This Act shall enter into force six months after the date of its promulgation.