The period of the Korean statute of limitation varies based on the type of wrong/breach, type of parties to the case and details of the matter. The list below is a non-exclusive list of the major Korean Statute of Limitations.
The following is an overview of the major periods of the statute of limitations in Korea. Statute of Limitation law is considered a part of the substantive law and not mere procedural law in Korea. The following is a list of the major Korean statute of limitations. The list is not exhaustive.
10-Year Statute of Limitation in Korea
- Contractual Claims not involving “commercial activities”; and
- Contractual Claims not involving “commercial” litigants.
5-Year Statute of Limitation in Korea
- Contractual Claims involving “commercial activities”; and
- Contractual Claims involving “commercial” litigants.
Three-Year Statute of Limitation in Korea
- Insurance claims;
- Tort claims;
- Salary claims; and
- Rent claims;
One-Year Statute of Limitation in Korea
- Hotel Fees;
- Restaurant fees;
- Manufacturer Implied Warranties (from date of delivery); and
- Seller Warranties (Six months – from discovery of defect)
[ABTM id=1137]
Similar Posts:
- Korean Fugitives on the Run: Getting more Difficult with Change of Law
- Korean Civil Litigation Pre-Judgment & Post-Judgment Interest Awarded by Korean Courts
- Duty to Report Product Defects in Korea
- Civil Court Proceedings in Korean Courts: Korean Civil Litigation Basics
- Tax Liability of Controlling Shareholders in a Korean Company: Tax Law Updates
- Korean Commercial Liens versus Korean Civil Liens
- Korean Governmental Regulations Stifle Innovations and the Role of Korean Law Firms
- Corporate Bankruptcy/Restructuring in Korea: The Line Begins Here (Korea’s Chapter 7 & 11 Bankruptcy)
- Enforcement of Sales Promotions by Franchisors under Korean Franchise Law
- Motor Vehicle Accidents/Negligence Cases in Korea
You must log in to post a comment.