Korean Law in English
Laws › Commercial Act › SECTION 3 Co-ownership of Ships

Commercial Act — Article 762 (Claims for Purchase of Apportionment of Dismissed Shipmaster)

상법 제762조

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) When a shipmaster who is a co-owner of a ship has been dismissed contrary to his/her will, he/she may claim the purchase of his/her apportionment at a reasonable price to another co-owner.

(2) When a co-owner of a ship intends to claim as referred to in paragraph (1), he/she shall give a notice to the other co-owners or the administrator of the ship without delay.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]

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