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Main Issues
Whether the Korea Credit Guarantee Fund applies the Act on Special Measures for Loans in Arrears to Financial Institutions in the Voluntary Auction Procedure applied for the recovery of claims after the Korea Credit Guarantee Fund subrogated for a debtor's overdue loan to the financial institution
Summary of Decision
The Act on Special Measures for Loans in Arrears of Financial Institutions shall apply to the auction procedure of voluntary auction in which the Credit Guarantee Fund has subrogated the debtor's debt in arrears to the financial institution in the capacity of the guarantor and has taken over the claims in arrears and security rights of the financial institution and applied for the collection of the claims.
[Reference Provisions]
Article 2 of the Act on Special Measures for Loans in Arrears by Financial Institutions, Article 47 of the Credit Guarantee Fund Act
Special Appellants
Special Appellants
United States of America
Suwon District Court Order 84Do4245 Dated May 3, 1985
Text
The special appeal is dismissed.
Reasons
The grounds for special appeal are examined.
According to the records, since it is clear that the creditor's repayment of overdue loans to the Industrial Bank of Korea has been subrogated by the creditor Credit Guarantee Fund as a guarantor and it is the case of voluntary auction applied for the recovery of the credit after the transfer of overdue loans to the above Industrial Bank of Korea and security rights (mortgage), the special measures for overdue loans to financial institutions shall be applied to the auction procedure. The provisions of Article 5-2 (1) of the special measures for overdue loans to financial institutions shall not be deemed to be in violation of the constitutional provisions that set forth the principle of equality like the theory of lawsuit (see, e.g., Supreme Court Order 70Ma417, Aug. 27, 1970; Decision 70Ma417, Nov. 27, 1982; Decision 82Da29, Apr. 12, 1984; Decision 83Da55, Apr. 12, 1984). The decision of the court below dismissed the re-appellant's appeal by applying Article 5-2 (1) of the aforementioned
Justices Yoon Il-young (Presiding Justice) Gangwon-young Kim Young-ju