In case where the auction court receives the successful bid price from the successful bidder without designating the date of payment of the successful bid price, and the so-called “where the successful bid price is fully paid” under Article 28(1) of the Auction Act.

The term "when the successful bidder pays the successful bid price in full" in this Article means the time when the successful bidder pays the price in full on the date of payment determined by the court of auction. Therefore, even if the successful bidder actually has paid the price from the successful bidder or he has deposited the price in full without the date of payment, it cannot be deemed a legitimate payment of the successful bid price.

Articles 34(1) and 28(1) of the Auction Act

Gross profit

Seoul Civil District Court Decision 64Ra874 delivered on May 12, 1965

The original decision is reversed and the case is remanded to the Panel Division of the Seoul Civil Procedure District Court.

The grounds of reappeal are examined.

Since Article 28 (1) and Article 34 (1) of the Auction Act are replaced by each other, the designation of the time limit for payment of the auction price is interpreted as the time when the successful bidder pays the auction price in full on the date of payment determined by the auction court, as well as the interested parties can be known that the designation of the time limit for payment of the auction price has a profound understanding. Therefore, even if the successful bidder actually pays the auction price or deposits the auction price in full without the due date for payment determined by the auction court, it cannot be deemed a legitimate payment of the auction price, but the original decision is difficult to conclude that the auction price of this case was paid to the auction court prior to the due date for application for payment of the auction price (No. 240 of the record) and that it is difficult to find the fact that the auction court has designated the time limit for payment of the auction price before the due date for payment of the auction price and that the auction price was paid on the due date (No. 240 of the record).

Therefore, it is so decided as per Disposition by the assent of all participating judges with respect to the reappeals as per Disposition under Articles 413(1) and 406 of the Civil Procedure Act.

[Judgment of the Supreme Court (Presiding Judge) Na-man (Presiding Judge)