Originally from Enforcement of Money Judgments

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I.  PRESENT ATTITUDE TOWARD ENFORCEMENT OF FOREIGN MONEY JUDGMENTS

A. Describe the receptiveness of your government (including courts) toward enforcement of foreign money judgments.

The Republic of Korea (“Korea”) has not entered into any multilateral or bilateral treaties with foreign countries concerning the recognition and enforcement of foreign judgments. Local statutes, however, provide that final judgments rendered by competent foreign courts will be recognized and enforced, subject to several conditions as set forth therein. 

These statutes apply equally to foreign judgments whether they relate to the recovery of a sum of money or to other matters.  In this context, there has been a greater tendency for the courts to recognize foreign monetary judgments.

B. Briefly describe recent illustrative attempts, whether successful or unsuccessful, to enforce a foreign money judgment in your country, particularly with regard to enforcement of any judgments from United States courts.

There is a Supreme Court case wherein a judgment of the court of the State of Minnesota was recognized and enforced in Korea.   Following the above precedent, the Seoul District Court recognized a money judgment handed down by the court of the State of New York.   Also, the Busan District Court confirmed (in part) the enforcement of a money judgment issued by the court of the State of California.  The Suwon District (Pyeongtaek Branch) Court also confirmed the enforcement of a money judgment (exlcuding the part relating to punitive damages) issued by the court of the State of Washington.   The Seoul Central District Court also confirmed the enforcement of a money judgment issued by the court of the State of New Jersey.