Where an appeal has been filed without any legal deposit in an auction procedure for a loan in arrears by a financial institution, the presiding judge of the appellate court shall determine a considerable period of time according to the contents and the amount of the case and give an opportunity to correct the defects by issuing an order to correct the defects.

Where an appeal has been filed without any legal deposit in an auction procedure for a loan in arrears by a financial institution, the presiding judge of the appellate court shall determine a considerable period of time according to the contents and the amount of the case and give an opportunity to correct the defects by issuing an order to correct the defects.

Article 5-2 of the Act on Special Measures for Loans in Arrears by Financial Institutions

Appellant 1 et al.

Seoul High Court Decision 70Ra105 delivered on March 26, 1970, Seoul High Court Decision 70Ra105 delivered on March 26, 1970

The original decision shall be reversed, and the case shall be remanded to Seoul Civil Procedure District Court Panel Division.

Re-appellant's common grounds of re-appellant:

In an auction procedure for a loan in arrears by a financial institution, the court below shall deposit cash equivalent to 3/10 of the successful bid price or securities as prescribed by the Presidential Decree. The re-appellants filed an appeal without such deposit. The appeal is unlawful and thus it is dismissed. However, according to Article 4 of the Enforcement Decree of the Act on Special Measures for Loans in Arrears by Financial Institutions, a person who intends to file an appeal for the decision on permission of a successful bid in the auction procedure for a loan in arrears by a financial institution shall attach documents proving that the deposit under Article 5-2 of the Act is in place. Thus, if an appeal is filed without a certificate of deposit, it shall not be deemed that it belongs to the case where the document attached to the letter of permission is not prepared, and it shall not be deemed that the appellate court's rejection of the appeal belongs to the case where the correction of the defects is not possible. Thus, it is reasonable to determine the correction order in accordance with the legal principles as stated in the above Article 413 (1) and Article 378 of the Civil Procedure Act and the correction order shall be dismissed for a considerable period.

Supreme Court Judges Kim Young-chul (Presiding Judge) (Presiding Justice) Mag-gim Kim, Kim Jong-dae and Yang-Namng