Repo去來의 法的 性質論

환매조건부채권매매라고 불리는 Repo거래는 그 법적 성질을 둘러싸고 대표적으로 담보부소비대차설과 증권매매설이 대립하고 있다. Repo거래의 법적 성질에 관한 논의는 Repo거래의 당사자의 일방이 도산한 경우에 회사정리법이나 파산법의 적용에 있어서 그 상대방의 이해관계에 중대한 영향을 주고, 궁극적으로는 Repo거래의 유동성과 안정성을 해치는 문제를 야기할 수 있기 때문에 중요하다.<BR> 이 글은 미국의 판례와 학설을 중심으로 Repo거래의 법적 성질론을 검토한 다음, 우리나라의 법체계하에서 Repo거래의 성질을 분석하는 것을 목적으로 한다. 결론적으로는 Repo거래가 경제적으로는 담보부소비대차(secured loan)로서의 요소도 가지고 있지만, 법률적으로는 매입증권에 대한 매수인의 임의처분권 및 Repo거래계약의 형식과 당사자의 의사해석 등을 고려할 때에 Repo거래는 증권의 매매(sale)임을 규명한다.

In recent years, Repurchase Agreement(Repo) transactions have gained immense popularity because of their high-yield and low-risk features in the Korean short term financial market. Repo is a transaction in which one party to it sells securities to another party and simultaneously agrees to repurchase the same or similar securities at a later date for a somewhat higher price. But in the economic point of view the Repo has a character as a secured loan, because it has such price structure as discrepancy, which is calculated in terms of interest rates, between sale price of securities value and the repurchase price.<BR> In characterizing the Repo, United States courts have been in the troubled water in deciding whether it is a sale or a secured loan. Professor Schroeder stresses that the form of Repo contract should be exalted over its economic substance in characterizing it a sale or a secured loan, and it is a sale of securities by the reason that the parties have a true intent to sell and repurchase in making the Repo contract, which is objectively represented in the contract. But Professor Walters argues that the economic substance of the typical Repo agreement strongly supports a secured loan. Meanwhile the general contracts form such as the global master repurchase agreement(GMRA) has been made in the point of sale of securities, which is same in Korea General Clauses of Repo Transactions made by the Korea Securities Depository (KSD). It is substantially important because the legal characterization of the Repo is essential to solving the problems being raised in case where one of the parties has been insolvent or bankrupt.<BR> In conclusion I agree that Repo transaction is a sale rather than a secured loan, because the buyer has a discretion to resale the securities without any consent of the seller, the parties agree to the form of sale in making the general contract, which is their objective intents, and simplicity of a sale contract makes Repo transaction economically more effective than a secured loan based on pledging.