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I have a question regarding an attachment of claim and collection order.

Hello. Nine years ago, I personally lent money to an acquaintance. The acquaintance says that they lent that money to their own older brother.. At the time, even though I wanted to get the money back, I was not in a position to proceed with a lawsuit, so I just let it pass.. It is about 5 million won, but even that is precious money to me.. I am thinking about at least filing an attachment of claim and collection order against the acquaintance's older brother.. Has the extinctive prescription not yet expired for this? Please tell me about the extinctive prescription for debt collection and the method for an attachment of claim and collection order!

Attachment of claim and collection order

Extinctive prescription for debt collection

Answer to Related Inquiry

Author: 정찬우

Hello.

Fortunately, it appears that the extinctive prescription for your debt collection has not yet expired.

Under the Civil Act, for an ordinary monetary claim, the extinctive prescription is 10 years, so if the point at which you lent money to your acquaintance was 9 years ago, the possibility of making a legal claim still remains.

Of course, the exact prescription period may vary not simply based on the passage of time but depending on factors such as the due date for repayment, conversations with the other party thereafter, interest payments, and whether a certified content mail was sent.

For example, if the debtor repaid even part of the money, or sent a message acknowledging the debt, the prescription may restart from that point, so it is advisable to organize the relevant materials well.

An attachment of claim and collection order is a procedure by which, when the other party has money to receive from a third party, that money is attached and collected.

However, in order to apply for this order, you must first obtain from the court a determination that you hold the ‘right to receive the debtor's (acquaintance's) money’, which is a required step.

If you proceed with an attachment of claim and collection order, you must apply to the competent court by attaching a title of execution, a certificate of service, materials showing that the debtor's older brother is the third-party debtor, and you must also pay the stamp fee (2,000 to 4,000 won) and the service fee.

Once the attachment order is served on the third-party debtor, that third-party debtor cannot make payment to the debtor, and instead pays you, the creditor.

In addition, by using a system called a ‘demand for statement’, you may also have the third-party debtor confirm the existence and details of the claim subject to attachment.

As such, the procedure is complex and the required documents and legal requirements can be demanding, so if possible, I recommend proceeding with the assistance of an experienced attorney.