There is no standard procedure for nullifying smart contracts in the Korean Legal system, since there were found no term of smart contract.

Articles 12 and 14 of The Electronic Financial Transactions Act determine the terms of the Electronic Payment Transaction Contracts, including withdrawal of transaction request.

• Article 12 (Validity of Electronic Payment Transaction Contracts):

“(1) Any financial company or electronic financial business entity shall make a payment by transmitting the amount requested by a payer or payee on a transaction request to the payee or his/her financial company or electronic financial business entity, pursuant to an agreement made with the payer or payee to facilitate electronic payment transactions. <Amended by Act No. 11814, May 22, 2013>

(2) When any financial company or electronic financial business entity becomes unable to transmit the amount requested pursuant to paragraph (1), it or he/she shall return to the payer the amount received for electronic payment transactions. In such cases, when the failure to transmit the amount is caused by the negligence of the payer, the expenses incurred in relation to such transmission may be deducted. <Amended by Act No. 11814, May 22, 2013>”

• Article 14 (Withdrawal of Transaction Requests):

“(1) Any user may withdraw his/her transaction request before the payment takes effect pursuant to each subparagraph of Article 13 (1). <Amended by Act No. 12837, Oct. 15, 2014>

(2) Notwithstanding paragraph (1), a financial company or an electronic financial business entity and its user may, pursuant to a prior agreement, determine differently the timing for withdrawing a transaction request with respect to any batch transaction, reserved transaction, etc. <Amended by Act No. 11814, May 22, 2013>

(3) Any financial company or electronic financial business entity shall include in its or his/her terms and conditions the matters relating to the methods and procedures for withdrawing a transaction request under paragraph (1) and the prior agreement under paragraph (2). <Amended by Act No. 11814, May 22, 2013”

Sources

• The Electronic Financial Transactions Act