Korean Law in English
Laws › Commercial Act › SECTION 5 Provision of Ships as Security

Commercial Act — Article 782 (Priority Order of Liens on Claims Arising out of Same Navigation)

상법 제782조

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 liens due to claims arising out of the same navigation compete with each other, the order of priority shall be as the order set in the subparagraphs of Article 777 (1).

(2) When liens due to claims under Article 777 (1) 3 compete with each other, a claim which occurred later shall prevail over a claim which occurred earlier. Claims arising out of the same accident shall be deemed to have occurred at the same time.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]

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