MONEY UNDER THE GOVERNMENT’S CUSTODY ACT
Act No. 839, Dec. 13, 1961
Amended by Act No. 5454, Dec. 13, 1997
Act No. 6836, Dec. 30, 2002
Act No. 9826, Dec. 29, 2009
Act No. 17152, Mar. 31, 2020
| Article 1 (Escheat to National Treasury) |
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: <Amended on Mar. 31, 2020>
| 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. |
| (2) | The head of each central government agency shall pre-notify a person who has a right to claim a refund, as prescribed by Ordinance of the Ministry of Economy and Finance, of the fact that the person has a right to claim the refund of the relevant money in custody before the right granted to the person is extinguished by prescription under paragraph (1). <Newly Inserted on Mar. 31, 2020> |
[This Article Wholly Amended on Dec. 29, 2009]
Money in custody shall not bear interest unless any Act or subordinate statute or any contract provides otherwise.
[This Article Wholly Amended on Dec. 29, 2009]
| Article 3 (Prohibition of Sale) |
No custody certificate may be the subject matter of sale, transfer or pledge.
[This Article Wholly Amended on Dec. 29, 2009]
| Article 4 (Tax Exemption) |
No revenue stamp needs to be affixed to a certificate of deposition of money in custody.
[This Article Wholly Amended on Dec. 29, 2009]
| Article 4-2 (Provisions Applicable Mutatis Mutandis) |
[This Article Wholly Amended on Dec. 29, 2009]
| Article 5 Deleted. <Dec. 29, 2009> |
ADDENDA <Act No. 839, Dec. 13, 1961>
| (1) | This Act shall enter into force on the date of its promulgation. |
| (2) | The Ordinance on Enforcing in Chos?n the Regulations on Money in Custody, 4244 in the era, is hereby repealed.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.
ADDENDA <Act No. 17152, Mar. 31, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Applicability concerning Extinctive Prescription of Claim for Refund)
The amended provisions of Article 1 shall also apply to money kept in custody by the Government as at the time this Act enters into force and for which five years have not passed from the date on which any of the subparagraphs of paragraph (1) of that Article applies.