The statute of limitations in Korea refers to the period within which a certain right can be legally claimed. Once this period expires, the right can no longer be asserted in a court of law. The duration of the statute of limitations in Korea varies depending on specific circumstances.
Civil Law Statute of Limitations
- General Limitation Period: For claims, if not exercised within 10 years, they are barred by the statute of limitations (Civil Law Article 162①).
- Property Rights Limitation: Property rights, excluding ownership, are barred if not exercised within 20 years (Civil Law Article 162②).
Commercial Law Statute of Limitations
- Commercial Transactions: For claims resulting from commercial transactions, a 5-year limitation period applies unless specified otherwise (Commercial Law Article 64).
Short-term Statute of Limitations in Civil Law
- 3-year Limitation: Specific cases, such as interest claims, medical treatment costs, and contract claims, have a 3-year limitation (Civil Law Article 163).
- 1-year Limitation: Certain cases like accommodation charges in hotels, rental for movable properties, etc., are subjected to a 1-year limitation (Civil Law Article 164).
If you are seeking legal services in Korea or have any inquiries related to Korean laws, please contact Start Law Firm at any time.
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