A Study On The Korea Chonse-Right

The Chonse-Right system is a traditional system in Korea which means the obligee posses other's immovable property and uses it and be benefited after paying rents for Chonse, a kind of key money. The Chonse-Right formed because of the demands of house and lack of money for everyman in history and became a form of use of immovable property bit by bit. It also has the character of use interest and security interest, so brings disputes about its character. The Civil Code was amended in 1984 which endows the right of priority in paying debts. The status of obligee was strengthened and brought the new developments of dispute about its character.The Chonse-Right is always established in the parties according to the contract, but also can be established by the form of trade, inherit and so on. The length of the right is ten years at most which also can be extended by negotiation and law. The obligee can use the immovable property and be benefited from it, but also be impose the obligation of safeguard and reparation. The obligee also has the right of trade lease assurance and re-Chonse under the permission of the obligor. The money which is about 70 percent of the immovable property's present value, the obligor receive from the obligee is called the key money. At the expiration of the Chonse-Right, the obligor has the obligation to return the key money, otherwise the obligee can be paid in priority by auction of the immovable property. The parties can also adjust the key money because of the revenue, the change of burden and change of economic situation. Beside the common cause of cancellation, the claim of the obligor, abandon and so on can also bring cancellation.In fact there is similar system in China which called Chinese Tine Rights. But there are differences in background, length, the possibility of gain the property, burden of risk and emphasizing on benefit of different party. The paper analyses the differences, and think there is essential difference in each function. In other words the Chonse-Right emphasizes on the function of financing, but the Chinese Tine Rights emphasizes on the function of use. That's the main reason why the system is widely accepted in Korea but not in China. At last the author tries to make suggestions for the further development of the Chinese Tine Rights.Anyway, not only in the perspective of system introduction but also in the perspective of the comparative law, the paper is valuable. The author hopes Chinese can learn the Chonse-Right from the paper, and can be helpful for the Chinese Tine Rights.