A public summons for declaring rights may be applied for only with regard to securities negotiable by endorsement or other cases provided by law.
A pubic summons shall operate to abridge the rights of those who do not declare their rights.

The court shall issue a ruling on an application for a pubic summons.
The court shall effectuate the public summons after granting the application therefor.

The public summons shall indicate the following matters:
1.The applicant;
2.The period for declaring rights and a summons for timely declaration within that period;
3.The effects of abridgment of rights due to failure to declare rights; and
4.The court.

(1) The public notice effectuated under a public summons proceeding shall be posted on the bulletin board and the website of the court. Where the court considers it necessary,it may order the public notice to be published in the official gazette or newspapers.
(2) The court shall determine the date or duration of postings on the court's website and publication in the official gazette or newspaper provided in the preceding paragraph.
(3) An applicant's failure to request postings on the court's website or perform the publication in the official gazette or newspapers provided in the preceding paragraph shall be deemed a voluntary withdrawal of the application for public summon.

Except as otherwise provided by law, the period for a declaration of rights shall start to run for a period of two months or more from the last day of theposting of the public notice on the court's website or the publication in the official gazette or newspaper.

A declaration of rights made after the expiration of the period for declaring rights but before the entry of the judgment of abridgment of rights, shall have the same effect as one made within the period.

Within three months after the expiration of the period for declaring rights, the applicant for public summon may apply for a judgment of abridgment of rights. Notwithstanding, an application filed before the period expires shall also take effect.
The oral-argument session to be held before the entering of the judgment of abridgment of rights shall also be notified to those who have declared rights.

The court may, on its own initiative, conduct any necessary investigation before deciding on the application for a judgment of abridgment of rights.

Denying an application for a judgment of abridgment of rights shall be made by a ruling.

In cases where a declarer of rights disputes the rights asserted by the applicant for public summons, the court by a ruling shall, in its discretion, stay the public summons proceeding before a final and binding decision is entered on the rights declared by such declarer, or preserve the rights of such declarer in the judgment of abridgment of rights.

Where the applicant for public summons has failed to appear at the oral-argument session, the court shall, on the applicant's motion, re-schedule a session.
No application provided in the preceding paragraph may be made after two months have elapsed since the defaulted oral-argument session.
The applicant who fails to appear at the re-scheduled session may not move to designate a further session.

The applicant shall bear the proceeding expenses when the court enters a judgment of abridgment of rights, except for the expenses incurred from a declaration of rights, which shall be born by the declarer.

The court shall effectuate a public notice of the purport of the judgment of abridgment of rights by appropriate means.

No appeal may be taken from a judgment of abridgment of rights.
An action may be initiated against the applicant for public summons in the original court to seek revocation of the judgment of abridgment of rights in any of the following situations:
1. Where the public summons proceeding as effectuated is not authorized by the law;
2. Where no public notice is effectuated under the public summons proceeding, or the public notice is not effectuated in conformity with the law;
3. Where the public notice is not effectuated according to the period prescribed for a public summons proceeding;
4. Where the judge who entered the judgment of abridgment of rights should have voluntarily disqualified him/herself from the matter;
5. Where the rights declared have not been duly considered in the judgment;
6. Where there exist grounds for rehearing as provided in the seventh to the tenth subparagraphs inclusive of the first paragraph of Article 496.

An action seeking revocation of a judgment of abridgment of rights must be initiated within a peremptory period of thirty days.
The period provided in the preceding paragraph starts to run from the time when the plaintiff knows of the existence of such judgment. Notwithstanding, where such action is to be initiated on the grounds provided in the fourth to the sixth subparagraphs inclusive of the preceding article and if the plaintiff was not aware of the existence of such grounds when knowing the existence of such judgment, the peremptory period shall start to run from the time when he/she knows the existence of such grounds.
No action seeking revocation of a judgment of abridgment of rights may be initiated five years after that judgment was announced.

The provisions of Article 501, Article 502 and Article 506 shall apply mutatis mutandis to actions seeking revocation of a judgment of abridgment of rights.

An appeal may be taken from the limitation or preservation of rights provided in the judgment of abridgment of rights.

The court may order multiple applications for public summons to be consolidated.

The provisions of Article 557 to Article 567 inclusive shall govern a public summons proceeding for the nullification of securities.

The court for the place of performance designated in the securities has jurisdiction over the public summons proceeding. Absent such designated place of performance, the court having jurisdiction over the issuer of the securities as the defendant in accordance with the provisions of Article 1 or Article 2 shall have jurisdiction. Absent such court, the court having jurisdiction over actions in which the issuer is the defendant on the day of issuance of such securities in accordance with the relevant provisions shall have jurisdiction.

The last holder of bearer securities or money orders with open endorsement may apply for public summons with regard to such securities.
A person who may assert rights based on the securities may apply for public summons with regard to securities other than those provided in the preceding paragraph.

An applicant shall produce either a written copy, or a photocopy of the securities, or disclose the purport or other features sufficient to identify such securities, and make a preliminary showing of the fact and reason leading to the theft, loss or destruction of such securities or other circumstances giving rise to his/her right to make such application.

The public summons must indicate that holders of the securities shall declare rights and produce the securities held by them within the designated period, and bear a note to the effect that failure to make a timely declaration and production will render the securities to be declared null.

Except as provided in Article 542, the public notice effectuated under a public summons proceeding must be posted at the stock exchange, if any, at the place where the court is located.

The designated period for declaring rights shall run for more than three months and not more than nine months from the last day of the posting on the court's website of or the publication of the public notice effectuated under the public summons proceeding in the official gazette or newspaper.

The court shall notify the applicant of the rights declared and the securities produced by the holders, and designate a period of time for the applicant to inspect the securities produced.
The public summons proceeding shall be concluded upon the applicant's acknowledgement of authentication of the securities produced and inspected. In such cases, the court clerk shall notify the same to the applicant and the declarer of rights.

The judgment of abridgment of rights shall declare the nullification of the securities.
The court shall on its own initiative effectuate a public notice of the purport of the judgment of abridgment of rights in accordance with the provision of Article 561.
In cases where the announcement of nullification is revoked in an action seeking revocation of the judgment of abridgment of rights, the court effectuating the public summons shall on its own initiate a public notice thereof in accordance with the provision of the preceding paragraph after the judgment revoking the judgment of abridgment of rights becomes final and binding.

The applicant may, after the judgment of abridgment of rights is entered, assert rights provided in the securities against those persons who are obliged under such securities.
Performance made under a judgment of abridgment of rights may be asserted against the creditor or a third person after such judgment is revoked except where the revocation of that judgment is known when the performance was made.

In cases where the court grants an application for public summons for the nullification of bearer's securities, the court shall, on motion and without oral argument, issue an order prohibiting payments by the issuer of such securities.
The order provided in the preceding paragraph shall contain a note of the fact that the public summons has been effectuated.
A public notice of the order provided in the first paragraph shall be effectuated in accordance with the provision of Article 561 which shall apply mutatis mutandis.

In cases where the public summons proceeding is concluded without a judgment of abridgment of rights due to production of securities or any other reason, the court shall by a ruling on its own initiative revoke the order prohibiting payments.
A public notice of the revocation of the order prohibiting payments shall be effectuated in accordance with the provision of Article 561 which shall apply mutatis mutandis.