企業어음 電子化의 法的 基盤에 관한 硏究

A Study of Korean Legal Scheme to Dematerialize Commercial Paper Kim, I-Su* * Assistant Professor, College of Law, Pusan National University Commercial paper plays an important role in raising short-term capital by businesses in most developed countries, including Korea. Traditionally commercial paper has taken a form of promissory note from its introduction. But recently a few problems regarding commercial paper are presented by both commentators and practitioners, i.e. the cost of issuing physical note, risk of custody and delivery, lack of transparency of issuing data, difficulty in realizing T+0 and DVP settlement, shortage of transferability generated by denying conveyance of less than entire commercial paper. In Korea, two legal systems, or a electronic note system and a book entry only system, may come into consideration as a legal tool to solve above mentioned issues. After assessing pros and cons of each system for curing defects of physical commercial paper, the author shows better way to achieve a more attractive and cost-saving, reliable commercial paper system.