Where a foreign corporation has entered into a service contract for recovery of foreign currency claims with a Korean national with the permission of the Minister of Finance and Economy, the effect of collateral security with the claims denominated in domestic currency between the Korean national and the domestic corporation prior to this conclusion.

A foreign corporation, with the permission of the Minister of Finance and Economy, concluded a service contract for recovery of foreign currency claims to a domestic corporation with a national, shall not be deemed null and void unless the permission of the Minister of Finance and Economy is required, since a resident under Article 30 (1) of the Foreign Exchange Control Act and the Enforcement Decree of the same Act, at the time of the settlement of mortgage, disposes of the real estate in the Republic of Korea or the right related thereto, in return for foreign currency to a non-resident, at the time of the settlement of mortgage, a domestic corporation, which is a resident, disposes of the right to real estate in the Republic of Korea for the domestic currency, and thus, shall not be deemed null and void without the permission of the Minister of Finance and Economy.

Article 30 (1) of the Foreign Exchange Control Act, Article 28 (1) and Article 28 (2) of the Enforcement Decree of the Foreign Exchange Control Act

[Defendant-Appellant] Kim Jin-jin et al.

Seoul Central District Court Order 72Ra228 Dated February 25, 1974

The original decision is reversed, and the case is remanded to the Panel Division of the Seoul Civil Procedure District Court.

As to the grounds for reappeal by re-appellants:

According to the reasoning explanation, the court below concluded a basic contract on the construction of fishing vessels and the export of marine products with 1963.5.8, 1964 with 200,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,0000,0000,000,0000,0000,000,000,000,0000,000,000,0000,000,000,000,000,000,0000,000,000,000,000,000,000,000,00,00,000.

However, according to the facts of the decision of the court below, the above U.S. corporation has obtained the approval of the Minister of Finance and Economy in the appeal and the conclusion of the contract for recovery of claims against the above Southern Trading Co., Ltd., and the mortgage contract is a secured claim for future claims denominated in domestic currency against the above Southern Trading Co., Ltd. under the premise that the Minister of Finance and Economy's permission for the above service contract is granted. This is not a case where a resident under Article 30 (1) of the Foreign Exchange Control Act and the Enforcement Decree of the same Act disposes of real estate or rights related thereto in the Republic of Korea for foreign currency to a non-resident, but it is not a case where a resident disposes of real estate or rights related thereto in the Republic of Korea for foreign currency to a non-resident, and thus it cannot be deemed null and void without the permission of the Minister of Finance and Economy. Thus, the decision of the court below which ruled it null and void without the permission of the Minister of Finance and Economy is erroneous in the misapprehension of legal principles of Article 30 of the Foreign Exchange Control Act and Article 28 of the Enforcement Decree of the same Act.

Therefore, it is so decided as per Disposition by the assent of all participating judges under Article 413(2) of the Civil Procedure Act.

Justices Rin- Port (Presiding Justice)