The main contents and features of the revised North Korean Civil Act in 2024: Focusing on the Property Law

The North Korean Civil Code, enacted on September 5, 1990, underwent three minor revisions in 1993, 1999, and 2007, and was significantly revised in February 2024. The characteristics of the Property law in the revised Civil Code in 2024 are as follows. First, the Property law law system centered on ownership continues to be maintained in the revised Civil Code. Part 2 of the revised Civil Code divides ownership into state ownership, social cooperative organization ownership, and individual ownership, and Chapter 2 of Part 2 (State Ownership) regulates usufruct. On the other hand, the provisions on secured real rights are located in Part 3 (Debt and Obligation System), not Part 2. Second, the number of articles has increased and the content has become considerably more specific compared to the old Civil Code. The biggest change is the newly established provisions on Collateral Rights. Third, despite the above changes, the basic principles of North Korean property law, namely, the principle of special protection for socialist ownership remain.