Korea plans to revise Civil Act for 1st time since 1958
The South Korean government said Friday it plans to make its first comprehensive overhaul of the Civil Act in 67 years, modernizing the legal framework that has shaped citizens' lives and economic activities since its enactment in 1958.
The legislation is the basis for civil law in Korea and covers property rights, family issues and contract law.
The Civil Act has remained largely unchanged since its enactment, making it increasingly difficult to adequately reflect South Korea's evolving social, economic and cultural landscape, as well as global standards, the Justice Ministry said.
'A comprehensive revision of the Civil Act is an urgent national task that can no longer be postponed. We will revise the provisions of the general contract law that are related to legal transactions, default and liability for warranty," the ministry said Friday.
"To address this, the revision will first focus on general contract law provisions, including legal acts, non-performance of obligations, and liability for security interests -- areas most closely tied to citizens' daily lives."
Among the almost 200 provisions in the amendement, the ministry plans to implement a variable interest rate. The law currently states that the statutory interest rate on monies owed shall be 5 percent per annum, unless otherwise provided for by other law or agreed by the parties.
But the ministry says using this rate as the default is not appropriate when the annual market interest remains at 2-3 percent.
The measure will be initiated to flexibly respond to the economic situation and minimize unreasonable gains or losses for creditors and debtors, the ministry said.
Article 390 of the Civil Act stipulates that damages may not be claimed when it is not possible for the other party to pay and where this is not due to that party's negligence or intentional actions.
But the ministry plans to modify the provision on exemption from damages to remove the part that requires it to be 'not possible' to pay. This means that a lack of negligence or intent would be sufficient to prevent claims.
It will expand the method of calculating compensation for damages as well.
The Justice Ministry underscored that "The revision aims to create a Civil Act that is easy to understand and practical for the public."
To that end, the ministry announced that the revised Civil Act will include new regulations to address issues that have been difficult to resolve under existing provisions.
The ministry aims to align the Civil Act with global legislative trends and modernize its legal framework. By adopting clear and precise language, the comprehensive amendment also aims to improve accessibility and strengthen public trust in the law, it said.
The ministry is scheduled to collect opinions from different organization, groups and individuals by March 19.
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