K&P Law Firm - International Law Firm in Incheon, South Korea

Provisional Seizure, Seizure and Collection Order in South Korea Q : Can a person who became an assignee of a claim after a provisional seizure order against the claim had been served on the garnishee file a suit for performance of the claim against the garnishee ? A : Yes Because the provisional seizure against claims generally prevents only the collection by the provisional seizure obligor from the garnishee, the provisional seizure obligor can file a suit for the performance against the garnishee and the court cannot reject such claim because of the provisional seizure; the assignment of claims refers to a contract to assign the claims from the former creditor, the assignor, to the new creditor, the assignee, while maintaining the identity of the claims; a claim is assigned from the assignor to the assignee without losing its identity; the claims subject to the provisional seizure can be assigned without being subject to any restrictions; provided, that the assignee of the...

Enforcement of a Judgment of a Foreign Court in South Korea A judgment rendered by a foreign court or a judgment acknowledged to have the same force (hereinafter referred to as "judgment") shall be recognized and executed in South Korea if all of the following conditions are met: 1.     The judgment is final and conclusive; 2.     The international jurisdiction of the respective foreign court is recognized under the principle of international jurisdiction under the statutes or treaties of the Republic of Korea; 3.     The defeated defendant was served, via a lawful method, a written complaint or document corresponding thereto, and notified of the date of written order allowing him/her sufficient time to defend (excluding cases of service by public notice or similar), or he/she responded to the lawsuit without having been served such documents; 4.     The approval of the respective judgment does not undermine soun...