SOUTH KOREA Law and Practice Contributed by: Choon Won Lee and Dahee Kim, Jipyong LLC
would therefore need to review the underlying circumstances and relevant requirements care - fully and choose the appropriate and correct option for its claim. In particular, it should be noted that, under South Korean law and practice, a pre-judgment attach - ment would not be allowed and can be cancelled upon the counterparty’s objection, where other types of ship arrest, ie, a judicial auction sale based on a security right, such as a mortgage or maritime lien, or a judicial auction sale for the enforcement of a claim by a court judgment or an arbitration award, are available. As the issue of a security right such as a maritime lien shall be determined in accordance with the law of the vessel’s nationality, the position of that law as well as South Korean law may need to be con - sidered.
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