In the case of exempting the drawer from drawing up a protest for non-payment, it shall be presumed that the holder has made a presentment to the drawer within the statutory period.

If the protest for non-payment has been exempted, it shall be presumed that the holder has made a presentment for payment to the drawer within the statutory period.

Article 46 of the Bills of Exchange

[Defendant-Appellee] Plaintiff 1 et al.

Defendant 1 and one other, Counsel for the defendant-appellee

Seoul High Court Decision 67Na2583 decided May 3, 1968

The part concerning Defendant 1 among the original judgment is reversed, and the case pertaining to this part is remanded to the Seoul High Court.

Defendant 2’s appeal is dismissed.

The costs of appeal by Defendant 2 are assessed against the same Defendant.

In light of the reasoning of the judgment below, the plaintiff, the holder of the Promissory Notes, should have presented a payment proposal to the defendant 2, the issuer, before exercising his right of recourse against the defendant 1, who is the former endorser of this case, within the period of presentation, but there is no proof. However, if the endorser of this case exempted the preparation of the non-payment instrument, as in this case, the holder of this case shall be presumed to have presented a payment proposal to the issuer within the statutory period in order to exercise his right of recourse, so the court below erred in the misapprehension of the burden of proof, and since this affect the judgment, the part of the judgment on defendant 1 among the original judgment is reversed and the case on this part is remanded to the Seoul High Court.

Defendant 2’s ground of appeal Nos. 1 and 2

According to the facts established by the judgment of the court below, since all members of the Central Industrial Association were dissolved on December 31, 1965 and established a foundation for the establishment of the Association, the name of the National Industrial Association of the Korea Industrial Association of the Korea Industrial Complex established on December 31, 1965 shall be changed. However, all members of the Association automatically become members of the Association, and the relationship such as the articles of association, rights and obligations belonging to the Association, and the execution of business affairs, etc. shall be bound by the Association, and even if the above Association was unable to acquire legal personality before its establishment is registered, it shall be deemed as an unincorporated association without legal capacity. Accordingly, since the articles of association regarding its organization, representative method, operation, and management of property have been stipulated in the above Association's establishment, the court below did not err in the misapprehension of legal principles as to the judgment of the court below, and since the court below did not err in the misapprehension of legal principles as to the defendant's defense against the defendant's breach of duty as a member before its establishment is registered, it shall not be dismissed.

It is so decided as per Disposition by the assent of all participating Justices.

[Judgment of the Supreme Court (Presiding Judge) Dog-Jak Kim Gyeong-ri, Kim & Kim