Effects of Inheritance
Universal succession of inherited property
- An inheritor succeeds, from the time of the commencement of the inheritance, to the blanket rights and duties regarding the property of the inheritee (Article 1005 of the “Civil Act”).
· The inheritance is commenced by the death of the person (inheritee) (Article 997 of the “Civil Act”).
- The inherited property subject to succession at this time does not only include positive property that benefits the inheritor but also negative property such as debts.
· The positive property refers to inherited property such as real rights, claims, and objects, and the negative property refers to debts.
Inherited property
The inherited property includes the following (e.g.):
|
Classification
|
Inherited property
|
|
Positive property
|
Objects such as movables and immovables
|
|
Real rights such as ownership, possessory rights, superficies, servitudes, rights to registered lease on deposit basis (chonsegwon), rights of retention, pledges, and mortgages for objects
|
|
Claims as the rights in which a particular person demands certain action against another particular person √ Claims for damages arising from the violation of life (Article 750 of the “Civil Act”) √ Claims for compensation (Article 751 (1) of the “Civil Act”) √ Claims for a partition of property due to divorce (Article 839-2 (1) of the “Civil Act”) √ Stockholder's rights of a corporation (Article 335 of the “Commercial Act”) √ Equity interests of members of a limited company (Article 556 of the “Commercial Act”) √ Positions of a limited partner of a limited partnership company (Article 283 of the “Commercial Act”)
|
|
Intangible property rights such as patents, model utility rights, design rights, trademark rights, rights on works
|
|
Negative property
|
General debts Taxes
|
Non-inherited property
The following does not fall under the category of the inherited property (e.g.):
|
Classification
|
Non-inherited property
|
|
Strictly personal rights
|
- Membership of an incorporated association (Article 56 of the “Civil Act”) - Special servitude (Article 302 of the “Civil Act”) - Position of the party to a mandate agreement (Article 690 of the “Civil Act”) - Position of the principal or the agent in an agency relationship (Article 127 of the “Civil Act”) - Position of a partner (Article 717 of the “Civil Act”) - Position of the donee in a periodic performance (Article 560 of the “Civil Act”) - Position of an employer (Article 657 of the “Civil Act”) - Equity interests of the members of a merged company (Article 218 of the “Commercial Act”) - Position of the general partners of a limited partnership (Articles 218 and 269 of the “Commercial Act”) - Penalties, minor fines or additional charges
|
|
Things determined to the reserved under the statutes or contracts
|
- Right to claim life insurance (Article 730 of the “Commercial Act”) - Right to claim retirement pension and bereaved family pension - Properties for ancestral rites (Article 1008-3 of the “Civil Act”) - Condolence money - Position of a fidelity guarantor (Article 7 of the “Fidelity Guarantee Act”) - Surety obligation of a continuous surety agreement with no fixed surety period and surety limit
|