The Financial Institutions Merger Act Article 11

When a Financial Institution transfers its non-performing loans, the enforcement title that has already been obtained by such Financial Institution against the borrower or guarantor shall extend to the transferee of non-performing loan.When a Financial Institution or transferee of a financial institution's non-performing loan has obtained the enforcement title, it may foreclose a first-priority mortgage on a collateral that is real estate owned by the borrower or a third party by having an impartial third party approved by the Competent Authority to conduct public auction without being subject to Article 28 of the Enforcement Act of the Part of Obligations of the Civil Code. The remaining amount of proceeds from the said public auction, if any, after paying off the amount receivable, shall be returned to the borrower.Regulations governing the criteria for recognizing an impartial third party referred to in the preceding paragraph, its scope of business and qualifications of its responsible person, withdrawal of recognition, and the procedure for a public auction conducted by such third party shall be separately prescribed by the Competent Authority.An impartial third party under Paragraph 2 may accept a mandate and supervision from the court to handle compulsory enforcement matters from Financial Institutions or transferees of Financial Institutions' non-performing loans pursuant to the Compulsory Enforcement Act.