Where the successful bid price is paid before the date of payment determined by the auction court, the effect of payment of such price.

The date of payment determined by the auction court refers to the time, and if the successful bidder has paid the successful bid price before that time, the payment of the successful bid price is not null and void, but it takes effect with the lapse of the date determined by the auction court.

Article 34(1) of the Auction Act

Order 64Ma935 dated January 25, 1965

Plaintiff

Defendant

Seoul High Court Decision 69Na1661 delivered on December 11, 1969, Seoul High Court Decision 69Na1661 delivered on December 11, 1969

The appeal is dismissed.

The costs of appeal shall be borne by the plaintiff.

The Plaintiff’s attorney’s ground of appeal is examined.

The date of payment determined by the auction court under Article 34(1) of the Auction Act refers to the time, and if the successful bidder has paid the successful bid price before that time, the payment of the successful bid price shall not be null and void, but shall take effect with the lapse of the date determined by the auction court (referring to the decision 64Ma935 delivered on Jan. 25, 1965). According to the facts established by the court below, the auction court decided that the date of payment was 10:00. The defendant paid the successful bid price to 09:30 on the same day, and the plaintiff who is the debtor did not request a disposition to prevent the commencement of the auction procedure, and therefore, the defendant's successful bid price, which is the successful bidder, shall take effect at 10:00 on the same day, and therefore, the reason why the decision of the court below is justified.

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

Justices of the Supreme Court (Presiding Judge) Park Jae-dong (Presiding Judge)