Method of compulsory execution of rights to shares before issuance of share certificates

The compulsory execution against the right to the shares before the issuance of the share certificates shall be effected in a manner of realization by ordering the debtor company to deliver the shares to the creditors' collection and delivery entrusted by the creditor, if the company issues the share certificates after seizing the right to claim the delivery of the share certificates held by the shareholder who is the debtor against the company in accordance with the provisions of Articles 575 and 576 of the Civil Procedure Act, in accordance with the provisions of Article 584

Articles 584(1), 575, and 576 of the Civil Procedure Act

Hong-gun Agricultural Cooperatives et al., Counsel for the defendant-appellant and one other

Seoul Central District Court Order 71Ra21 Dated February 21, 1973

The reappeal is dismissed.

The grounds of re-appellant's re-appeal are examined.

The compulsory execution against the right to shares before the issuance of share certificates shall be carried out in a way that the company issues share certificates after attaching the right to demand a delivery of share certificates held by the shareholder who is the debtor to the company in accordance with the provisions of Articles 575 and 576 of the Civil Procedure Act in accordance with the provisions of Article 584 (1) of the same Act, and if the company issues the share certificates, it shall be done in a way that the company should deliver them to the creditors' office entrusted with the creditor's share certificates. In such a case, as alleged in the arguments, it is not permissible to order the company to issue the non-issued shares or to seek a transfer of the above share certificates, so the original decision of the court below is just, and there is no violation of the misapprehension of legal principles

The reappeal is without merit. It is so decided as per Disposition by the assent of all participating Justices on the bench.

Justices Lee Byung-ho (Presiding Justice)