Money you lent, or money you owe, can drop out of reach through the statute of limitations if nobody acts. Korea’s Civil Act Art. 162 says a claim not exercised for 10 years is extinguished by prescription; Commercial Act Art. 64 shortens claims from commercial acts to 5 years. Interest, wages, goods sold by merchants and the like run 3 years (Art. 163); lodging, meals, entry fees and the like 1 year (Art. 164). Once confirmed by judgment, even a short claim runs 10 years (Art. 165). The clock starts when the right can be exercised and restarts after a claim, attachment or acknowledgement. Enter the claim type and dates below to see when it ends.
1. Ordinary claims 10 years, commercial 5, interest and goods 3, meals and lodging 1.
2. Confirmed by judgment, settlement or conciliation: 10 years (Art. 165) — not for claims not yet due at that time.
3. Acknowledgement (such as part payment) restarts the clock; a demand like a certified letter counts only if suit or similar follows within 6 months (Art. 174).
Calculator
Updates as you type. Our method: leave out the first day (Art. 157), end on the day before the corresponding date (Art. 160), or the month’s last day if none. Acknowledgement restarts the period from that date; a demand only counts if followed within 6 months by suit, attachment or similar. Weekend and holiday moves are not applied.
Periods — Civil Act Arts. 162–165, Commercial Act Art. 64
| Type | What the source says | Worth noting (ours) |
|---|---|---|
| Ordinary claims — 10 years | A claim not exercised for 10 years is extinguished (Art. 162(1)) | Loans between individuals usually sit here (our reading) |
| Other property rights — 20 years | Property rights other than claims and ownership (Art. 162(2)) | — |
| Commercial — 5 years | Claims from commercial acts: 5 years unless the Act says otherwise; a shorter period elsewhere applies instead (Commercial Act Art. 64) | Which claims are commercial we didn’t read |
| 3 years | Money or goods payable at intervals of a year or less such as interest, maintenance, wages and rent; doctors’, nurses’ and pharmacists’ fees; building contracts; lawyers’ and similar professionals’ work; prices of goods sold by producers and merchants; craftsmen’s and manufacturers’ work (Art. 163) | — |
| 1 year | Lodging, meals, seat and entry fees at inns, restaurants and venues; hire of movables; wages of labourers and entertainers; school tuition and board (Art. 164) | — |
| Judgments — 10 years | Claims confirmed by judgment, bankruptcy, judicial settlement or conciliation run 10 years even if short; not for claims not yet due at confirmation (Art. 165) | — |
When it starts and ends — Arts. 166–167, 157, 160
Prescription runs from when the right can be exercised (Art. 166(1)); for a loan that is usually the agreed repayment date (our reading). Once complete, it takes effect back to the start date (Art. 167), and covers dependent rights such as interest when the principal is time-barred (Art. 183). For periods in years, the first day isn’t counted (Art. 157); the period runs by the calendar and ends on the day before the corresponding date, or on the month’s last day if there is none (Art. 160). The calculator counts from the day after the due date — applying these period rules to prescription is our reading.
Interruption — Arts. 168–178
| Type | What the source says | Worth noting (ours) |
|---|---|---|
| Grounds | (1) A claim (2) attachment, provisional attachment or injunction (3) acknowledgement (Art. 168) | Effective only between the parties and successors (Art. 169) |
| Court claims | No effect if the suit is dismissed or withdrawn, but a new court claim, bankruptcy filing or attachment within 6 months keeps the first date (Art. 170) | — |
| Payment orders | No effect if the order lapses because the creditor didn’t apply for provisional enforcement in time (Art. 172) | — |
| Demand | No effect unless followed within 6 months by a court claim, bankruptcy filing, settlement summons, voluntary appearance, or attachment or injunction (Art. 174) | A certified letter is usually a demand (our reading) |
| Attachment | No effect if cancelled at the holder’s request or for breach of law; if not made against the person benefiting, only after notice to them (Arts. 175–176) | — |
| Acknowledgement | Needs no capacity or authority to dispose (Art. 177) | Whether part payment counts is case law (not read) |
| After interruption | Time run so far is dropped; a new period runs from the end of the ground, or for a court claim from the final judgment (Art. 178) | Then 10 years for a judgment (Art. 165) |
Worked examples — ours
| Case (our example) | Ends | Worth noting (our sum) |
|---|---|---|
| Due 4 November 2016, ordinary claim, 10 years | 4 November 2026 | 10 years from 5 November, the day before the corresponding date |
| Due 4 November 2021, commercial claim, 5 years | 4 November 2026 | 0 days left as of 4 November 2026 |
| Due 10 March 2020, 10 years, acknowledged 1 June 2025 | 1 June 2035 | A new 10 years from the acknowledgement |
| Due 1 December 2023, 3 years, demand on 1 October 2026 | Still 1 December 2026; sue or attach by 1 April 2027 | 6 months from the day after the demand |
No waiving in advance — Art. 184
The benefit of prescription can’t be waived in advance. A juristic act can’t exclude, extend or toughen it, but it can shorten or ease it (Art. 184). So a contract clause promising never to plead limitation reads as ineffective in that part (our reading). The article doesn’t stop waiving it after completion.
The 3-year limit on wages and severance is in wage claim limitation calculator; late interest in statutory interest calculator; counting “within N days” in legal period calculator.
Checklist
- ☐ Claim type — 10, 5, 3 or 1 years
- ☐ The due date (when the right could be exercised)
- ☐ Any acknowledgement (part payment, IOU) — restart from that date
- ☐ After a certified letter, sue, seek a payment order or attach within 6 months
- ☐ After a judgment, 10 years from finality
Questions that remain
Does the debt simply vanish?
Article 162 says prescription “is completed” and Art. 167 makes it effective back to the start date. Procedural points such as who must raise it in court are case law, which we didn’t read.
Are card debts and bank loans 5 years?
Commercial Act Art. 64 gives claims from commercial acts 5 years. Which dealings count as commercial is set by other articles and case law we didn’t read; check your loan contract and the lender.
If the last day is a Sunday, is there an extra day?
Civil Act Art. 161 moves a period ending on a Saturday or holiday to the next day. We didn’t decide whether that applies to prescription; the calculator shows the unmoved date, so acting before it is safer (our note).
Sources
- Korean law database (law.go.kr) — Civil Act Arts. 157, 160–161, 162–184 — source (current text, effective 17 March 2026, Act No. 21454; checked 4 November 2026). First day excluded, calendar counting, Saturday and holiday extension, 10/20/3/1-year periods, 10 years after judgment, starting point, retroactive effect, grounds and effect of interruption (Arts. 168–178), suspension (Art. 179 on), dependent rights, no advance waiver.
- Korean law database — Commercial Act Art. 64 — source (effective 10 September 2026, Act No. 21044; checked 4 November 2026). Claims from commercial acts: 5 years, or a shorter period where one exists.
- Not read. Case law (whether part payment or interest is acknowledgement; pleading limitation), special periods in other laws, the scope of commercial acts (Commercial Act Art. 46 and others), special rules for personal financial claims.
- What we added. The “worth noting” column and the Korean everyday gloss.
Where to check further
- The IOU or loan contract — due date, instalment dates.
- Judgment or payment order — date it became final.
Written on 4 November 2026. The content is from the source; the glosses are ours.
