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Laws › Commercial Act › SECTION 4 Limits on Liability of Shipowners, etc.

Commercial Act — Article 776 (Procedures for Limitation on Liability)

상법 제776조

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) A person who intends to limit liability under any of the provisions of this Section shall request the court to commence the procedure for limitation on liability within one year after he/she has received a written claim specifying a claim amount exceeding the limit on liability from a creditor.

(2) A request for commencement of the procedure for limitation on liability, and the establishment, public notice, participation in, distribution of the fund placing limits on liability, and other necessary matters shall be determined separately by another Act.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]

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Korean original (law.go.kr) · Get articles as JSON via API

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