어음의 할인과 환매청구권의 법리 (대법원 2008. 1. 18. 2005다10814 판결의 검토)

In general, corporations lend money from banks by using promissory notes or drafts. There are two methods of financing. At first, a company borrow money from banks by providing bill as collateral. A loan on bill is a loan in exchange to a bond of debt to secure its amount of loan. If principal obligor fails to pay in its maturity date, bank would claim to pay loan back to the borrower. Secondly, a company can finance money with the method of a commercial bill discount or commercial paper. The character of a commercial bill discount by banks is a sale of bill. In this case, the bank should take risk of losing loans if principal obligor failed to pay the bill. Therefore, a bank makes contracts with a company in order to provide against the risk of losing money. The contracts include several provisions. For example, a bank can ask to repay loans to the borrower or to pay bill money to the principal obligor in its maturity date. The Korean Supreme Court case(Korean Supreme Court 2008. 1. 18, 2005da10814) deals with a bill discount transaction. The one point is that when bill is failed to be paid in its due date, a bank would claim to pay loans back by redemption provision or fundamental loan terms. The other point is that a bank can request to pay loans back to the borrower without the presentation of bill, because bill claim becomes extinctive by expiration of negative prescription.