• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.83-153
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• 2015

As our economy grows and the number of aircraft increase, the number of civil execution against aircraft cases are likely to increase as well in the future. The purpose of this article is to present the legal theory on the civil execution against aircrafts by drawing on the legal theory on the civil execution against vessels which constitute a relatively large number of cases thus observed. The provisions of the civil execution against immovables or vessel, shall basically apply mutatis mutandis to the civil execution against aircraft or light aircraft. The civil execution against ultra-light flying devices or a foreign aircraft shall be executed in conformity with the civil execution against movables. There are a compulsory auction, an auction to execute a security right to aircraft, and an auction under the right of retention, etc. in the civil execution against an aircraft. A compulsory execution against an aircraft means an execution carried out by a creditor against a debtor's aircraft to obtain satisfaction of claims for the purpose of payment of money. The court of execution of a compulsory execution against an aircraft shall be the district court having jurisdiction over the airport of stoppage or storage of such aircraft at the time of seizure. The forums of execution of a compulsory execution against an aircraft shall be exclusive forums. When a court has rendered an order on commencing an auction, it shall order an execution officer to receive a certificate of the aircraft's registration and other documents as required for its operation, and to submit them to the court. A court may revoke the procedures for a compulsory auction when an execution officer fails to obtain a transfer of the aircraft's registration certificate, etc. and the location of the aircraft is not evident, not later than an elapse of 2 months from the date on which an order on commencing an auction has been rendered. In the case where it is deemed that there exists a business-related need or other based on proper reasoning, the court may permit the aircraft's operation, upon the motion submitted by the debtor. In this case, there shall be a consent from the creditor, the highest bidder, the next highest bidder and successful bidder. A court may, upon a motion submitted by the creditor, make the dispositions required for observing and preserving the aircraft. When a debtor has submitted the documents under subparagraph 2 or 4 of the Article 49 of the Civil Execution Act, and furnished the guarantee equivalent to the claims of the execution creditors and the creditors demanding a distribution and to the costs for execution, before a declaration of bid, the court shall, upon request, revoke other procedures than those for distribution. The provisions of a obligatory auction against vessel or aircraft and an auction to execute a security right to real estate or vessel, shall apply mutatis mutandis to an auction to execute the security right to aircraft. In an auction to execute the security right to aircraft case, an executive title is not necessary. An executory exemplification is not necessary in an application for an auction to execute the security right to aircraft. A court should examine the existence of security right and claim secured. No order on commencing an auction procedure shall be issued with non-existence or invalidity of the security right and absence or extinguishment of the claim secured. Furthermore, these prohibitions are the reason of a decision on non-permit for sale, the court overlooked these prohibitions, and the decision on a permit for sale became final and conclusive, the successful bidder who paid the price and registered of ownership could not acquire ownership of the aircraft sold. A court may render a ruling to put plural aircrafts up for a blanket auction, only when they are in restraint and related matter (Supreme Court Order 2001Ma3688 dated on August 22, 2001). A righter of retention on aircraft may file a request for an auction against the aircraft. The provisions of an auction to execute a security right to aircraft shall apply mutatis mutandis to the formal auction. Airport facility fee and an aircraft are not in restraint and related matter, so an airport management corporation does not hold the right of retention on the aircraft (Supreme Court Decision 2011Da29291 decided on April 10, 2014). In an auction in accordance with the right of retention, all encumbrances (e.g., mortgages) on the sold aircraft shall be extinguished by a sale under the legal conditions for sale. Not only creditors who have claims for preferential payment but also general creditors could demand for distribution. The precedence of the claim of the right of retention on aircraft and that of general creditor's claims are equal.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.35-41
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• 2002

This research introduces the development of a project-level cash flow forecasting model in construction stage based on the planned earned value and the cost from a general contractors view on a jobsite. Most previous models have been developed to assist contractors in their pre-tendering or planning stage cash flow forecasts. The critical key to cash flow forecasting at the project level is how to build a cash-out model. The basic concept is to use moving weights of cost categories in a budget over project duration. The cost categories are classified to compile resources with almost the same time lags that are based on contracting payment conditions and credit times given by suppliers or venders. For cash-in, net planned monthly-earned values are simply transferred to the cash-in forecast, to be applied there with billing time and retention money. Validation of the model involves applying data from on-going 4 projects in progress for 12 months. Based on the results of the comparative analyses through the simulation of the proposed model and the existing models, the proposed model is more accurate, flexible and simpler than traditional models to the employee of construction jobsite who is not oriented financial knowledge.

• The Korean Journal of Air & Space Law and Policy
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• v.22 no.1
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• pp.125-162
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• 2007

The Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment were adopted on 16 November 2001 at a diplomatic conference held in Cape Town under the joint auspices of UNIDROIT and ICAO. The entry into force of the Cape Town Convention and Protocol have occurred on 1 March 2006. The Cape Town Convention and Protocol provides an international legal regime for the creation, perfection and priority of security, title retention and leasing interests in aircraft equipment, which will be underpinned by an international registry. The purpose of this paper is to explain the objectives and principles of the Cape Town Convention and Protocol, to review the provisions relating to the international interests in aircraft equipment and international registry for their protection under the Cape Town Convention and Protocol, and to discuss the Issues on Korea's accession to the Cape Town Convention and Protocol. As the anticipated results of this paper, it will contribute to facilitate the financing of the acquisition and use of aircraft equipment of high value or particular economic significance in an efficient manner, and to save very large sums of money annually in financing charges, also the international interests in aircraft equipment will be recognized and protected universally.

• The Korean Journal of Air & Space Law and Policy
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• no.spc
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• pp.105-135
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• 2007

The Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment were adopted on 16 November 2001 at a diplomatic conference held in Cape Town under the joint auspices of UNIDROIT and ICAO. The entry into force of the Cape Town Convention and Protocol have occurred on 1 March 2006. The Cape Town Convention and Protocol provides an international legal regime for the creation, perfection and priority of security, title retention and leasing interests in aircraft equipment, which will be underpinned by an international registry. The purpose of this paper is to explain the objectives and principles of the Cape Town Convention and Protocol, to review the provisions relating to the international interests in aircraft equipment and international registry for their protection under the Cape Town Convention and Protocol, and to discuss the Issues on Korea's accession to the Cape Town Convention and Protocol. As the anticipated results of this paper, it will contribute to facilitate the financing of the acquisition and use of aircraft equipment of high value or particular economic significance in an efficient manner, and to save very large sums of money annually in financing charges, also the international interests in aircraft equipment will be recognized and protected universally.

• Korean Journal of Construction Engineering and Management
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• v.8 no.5
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• pp.101-108
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• 2007

To execute a construction project, many construction participants are engaged in the project. Especially many subcontactors role is very important, but their contract statute seems weaker rather than prime contractor. So to protect the subcontractor and to activate fair subcontract, Fair Transactions in Subcontracting Act was enacted. Direct payment to subcontractor clause of the act can protect subcontractor from the fear of insolvency of prime contractor, on the other hand can cause dispute about the interpretation of defect liability. Therefore the positive act and regulation were examined, and the effects of direct payment to subcontractor were analyzed. And the treatment direction of direct payment were suggested in this paper. Summary is as follows; (1) Statute of subcontractor for the ordering subject must be considered (2) Contract relationship must be reflected in the performance bond, subcontract bond, and subcontract construction conditions (3) To clarify the defect liability for the direct payment, retainage to guarantee the repair during contract period may be reflect on the subcontract construction conditions.