Notarization of Promissory Note
Meaning of Notarizing Promissory Note- "Notarizing Promissory Note" means that you are preparing a promissory note in the form of a 'deed' from the first place in the presence of a Notary Public at a licensed Notary Public Office, or receiving a notary's endorsement on the signed promissory note.
Benefits of Notarization of Promissory Note- Notarized documents will be of assistance in prevention and resolution of a dispute, as civil or criminal courts will consider such documents as having strong evidential value.
- Given that a notarized document is presumed to be authentic once it is completed, the authenticity of the notarized promissory note shall be presumed. (Article 2 of the Notary Public Act; Article 356(1) of the Civil Procedure Act)
- Under the Criminal Procedure Act, a certified copy of a notarized document shall be duly admissible as evidence. (Subparagraph 1 of Article 315 of the Criminal Procedure Act)
- If a notarized promissory note expressly provides for the creditor's right of compulsory execution, the creditor may enforce compulsory execution by exercising such right without commencing civil proceedings. (Subparagraph 4 of Article 56 of the Civil Execution Act)
- Copies of notarized documents shall be kept for a certain period of time, thus reducing risk of loss.
Notary Public Office- You may notarize documents at a Notary Public Office that is licensed and authorized by the Minister of Justice. (Article 17 of the Notary Public Act)
※ A "Notary Public Office" means ① an office established by a duly appointed Notary Public, and ② an office established by a law firm employing an Attorney-at-Law in charge of notarization. (Articles 13-2 and 15-6 of the Notary Public Act)
Notarization Fees- If you notarize a promissory note, you should pay notarization fees to the Notary Public. (Article 2 of the Regulations on Notary Public's Fees)
- Fees for notarizing legal documents are as follows: (Article 2 of the Regulations on Notary Public's Fees)
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Value of consideration in a legal contract, or face value of a promissory note or a check |
Fees |
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Up to KRW 2,000,000 |
KRW 11,000 |
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Up to KRW 5,000,000 |
KRW 22,000 |
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Up to KRW 10,000,000 |
KRW 33,000 |
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Up to KRW 15,000,000 |
KRW 44,000 |
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Over KRW 15,000,000 |
KRW 44,000 plus 0.15% of any excess amount but the fee charged shall not exceed KRW3,000,000 |
Preservation of Deed- A Notary Public shall keep and maintain notarized copies of documents and originals of deeds and documents attached thereto which were notarized. (Article 24 of the Notary Public Act)
· Such documents shall be kept and maintained in a storage facility or a sturdy file cabinet. (Article 4 of the Regulations on Preservation of Notarized Documents)
- A Notary Public shall keep and maintain an original Agreement for Consumer Cash Loan (or a Promissory Note) prepared in a deed form for 10 years, whereas a certified copy of a document shall be kept for 3 years. (Article 5(1) of the Regulations on Preservation of Notarized Documents)
※ The period referred to above shall commence on the first day of the year after the time when such document has been prepared. (Article 5(2) of the Regulations on Preservation of Notarized Documents)