(1) When a taxpayer fails to pay any national tax or forced collection charge, if he or she has property transferred for security, the national tax or forced collection charge may be collected from such property as prescribed in the National Tax Collection Act, only in cases where there is a shortage in the amount to be collected after the forced collection of its other properties: Provided, That the same shall not apply to the property transferred for security which has been established prior to the statutory deadline to pay the national tax. <Amended on Dec. 31, 2018; Dec. 22, 2020>
(2) Where the relevant property is finally vested in a person with right to property transferred for security due to a taxpayer's non-performance of the obligation essentially secured by transfer after a notice of payment is given to the person pursuant to Article 7 (1) of the National Tax Collection Act, and the right to property transferred for security ceases to exist, it shall be deemed that the property transferred for security as at the time of notice of payment continues to exist as such. <Newly Inserted on Dec. 22, 2020>
(3) "Property transferred for security" in paragraphs (1) and (2) means the property essentially becoming the object of security for an obligation to the transferor, when a taxpayer transfers the property under a contract between the parties. <Amended on Dec. 22, 2020>[This Article Wholly Amended on Jan. 1, 2010]