• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.71
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• pp.59-84
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• 2016

Among various export financing, Receivable Assignment is very important. Various countries make use of this method. But Korean law system have shortage of legal structure. This paper looks into Receivable Assignment relation to legal structure. And this paper analyze not only detail Korean civil law system about bond and receivable but also comparative other civil law system. Especially, Korean civil law of bond compare Germany civil law of bond or Japanese civil law of bond. In the context, This paper compares Korean civil law system about bond with International standard rule about bond. For example, It is UN convention on the Assignment of Receivables in International Trade and Principles of International Commercial Contract(PICC). This is good for the commercial party in terms of financing and receivable assignment. Thus this paper will establish Korean legal system direction. There are argument on method of making article and modifing article. The purposes of this paper is to examine revitalizing of Receivable Assignment. And this paper deals with improvement of International Commercial Activation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.49
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• pp.89-109
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• 2011

Among various export financing, forfaitng and factoring give a comfort to exporters as those special financing schemes are extended to them on a without recourse basis. This is good for the exporters in terms of financing and risk cover of buyer or LC issuing banks. To enjoy this benefit, the SME exporters should, however, know the risks involved in sales contract. For example, if the export and importer set Korean law as governing law in the sales contract especially for open account exports, the exporter's receivables might be not welcome by factors according to provisions of Korean Conflict Law and it's application. Those regulations tell that the factor's position would be unstable when the sales contact limit exporter's assignment of receivables to the factor when the sales contract is subject to Korean law. Also the exporters should know related regulation of importer which might affect the assignment of receivables as well. This paper suggests the Korean exporters take internationally recognized agreement/convention such as UNI|DROIT Convention on International Factoring, UN Convention on the Assignment of Receivables in International Trade.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.70
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• pp.21-38
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• 2016

The trend of payment terms of an international trade has been changed from letter of credit to open account. In this regard factoring has come out to support SMEs in terms of financing on a without recourse basis. However, factoring is in Korea is not workable softly due mainly to legal system affecting smooth assignment of receivables. Therefore this study suggest the following solutions : Korean Civil Law shall be modified to protect factor's position as a right creditor to debtor and protect factor's position when perfection among several creditors are incurred. However, formal modification to this end would not be easy in short run and it is suggested that a special law be established in case a commercial receivable assignment both domestic and internationally happens between seller and factor.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.74
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• pp.25-54
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• 2017

Among various export financing, Assignment of Receivables is very important. Various countries make use of this method. But Korean law system had shortage of International legal system. This paper looks into Opposing Rights on Assignment of Receivables relation to legal system. And this paper analyze not only detail Korean civil law system about Opposing rights on Assignment of Receivables but also comparative other International system. There are UNIDROIT Principles and United Nations Convention on the Assignment of Receivables in International Trade. Especially, Korean civil law system of Opposing rights on Assignment of Receivables compares UNIDROIT Principles system of Opposing Rights on Assignment of Receivables or United Nations Convention on the Assignment of Receivables in International Trade of Opposing Rights on Assignment of Receivables. In the context, This paper compares Korean civil law system about Assignment of Receivables with International standard rule about Assignment of Receivables. This is good for the commercial practice party in terms of financing and receivable assignment. Thus this paper will make direction to International Trade Practicer. There are argument on method of having an action or manual about international trade practice. The purposes of this are to examine revitalizing on Assignment of Receivables. And this paper deals with improvement of International Commercial Activation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.143-168
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• 2009

International Factoring transaction in Korea is different from that of financially advanced countries in terms of legal system and commercial and financial practices. As for the domestic factoring, Korean factors are only involved in advances often on a with recourse basis. With regard to the international factoring, Korean factors do not accommodate whole account receivables from clients (suppliers) but handle on a selective basis. Among Korean banks, KEXIM (Export and Import Bank of Korea) is sole factor for international transactions. Currently KEXIM and several foreign banks handle factoring provide factoring services with limitation to invoice discounting which is largely extended to large corporate names. Therefore this is far different from factoring in Europe and Americas designed for small exporters with non recourse advances. In respect of legal environment, receivable assignment is subject to debtor' acknowledge or approval of such assignment according to Civil Law Act. To remove the legal obstacles, Korean government have prepared new law which allows factor's own notification of assignment (and thereby reimbursement right) to debtor with some evidences.