Requirements for acquisition, loss and acquisition of the mid-term ownership

Any change in the acquisition or loss of the mid-term ownership which has lawfully completed the registration as prescribed by the Mid-Term Management Act shall take effect by completing the registration.

Article 3 (1) of the Mid-Term Management Act

[Judgment of the court below]

Defendant-Appellant's profit class

Seoul High Court Decision 76Na2354 delivered on December 24, 1976

The appeal is dismissed. The costs of appeal are assessed against the plaintiff.

The grounds of appeal by the Plaintiff’s attorney are examined.

According to the reasoning of the judgment of the court of first instance cited by the court below, when the non-party borrowed 2,50,000 won from the plaintiff on Sep. 10, 1974 at 3% monthly interest rate of 1974, the non-party provided the plaintiff as security, and the non-party continued to use the above 3% interest rate of 1974 and did not pay the above monthly interest rate by the due date, the ownership of the above mid-term interest rate shall be transferred to the plaintiff as of the above date, and the non-party agreed on the above mid-term interest rate of 1974. Oct. 21, 1974. The non-party recognized that the above mid-term owner completed the registration of the above mid-term interest rate as prescribed by the Mid-Term Management Act. Thus, the court below did not err by misapprehending the legal principles on the ownership of the above mid-term interest rate as of Oct. 21, 1974.

Therefore, the appeal is dismissed and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices.

Justices Lee Young-young (Presiding Justice)