(1) Types of security offered pursuant to this Act shall be as follows:
1. Money;
2. Government bonds or municipal bonds;
3. Securities approved by the head of a customs office;
4. Guarantee insurance policy on duty payment;
5. Land;
6. Registered or recorded buildings, factory foundations, mining foundations, vessels, aircraft or construction machinery which have been covered by insurance;
7. Letters of guarantee for payment of customs duties by guarantors approved by the head of a customs office.
(2) Guarantee insurance policy on duty payment and letters of guarantee for payment of customs duties referred to in paragraph (1) 4 and 7 shall include details assuring that upon a request from the head of a customs office, an amount to be paid by a specific person will be paid to the head of a customs office at any time after the specified time lapses.
(3) Matters necessary for the offering of security referred to in paragraph (1) shall be prescribed by Presidential Decree.
(4) A person liable to pay duties (including a person who guarantees the payment of customs duties) may offer, in advance, the comprehensive security covering a certain period, as prescribed by the Commissioner of the Korea Customs Service, to the head of a customs office when grounds requiring him or her to retain his or her security offered under this Act exist.[This Article Wholly Amended on Dec. 30, 2010]