Plaintiff

The Plaintiff and the Defendant, along with C and D (hereinafter referred to as “Plaintiff, etc.”), participated in the auction procedure for the F real estate auction case in the Changwon District Court on the land E and 51 land (hereinafter referred to as “instant real estate”) in Kimhae-si, Kim Jong-si, the Defendant sought to purchase the said real estate as a joint bidder.

Accordingly, the plaintiff et al. entered into an auction insurance contract with the Seoul Guarantee Insurance Co., Ltd. (hereinafter "Seoul Guarantee Insurance Co., Ltd.") with the content that the payment of the auction bid bond to be paid to the above court is guaranteed by the Seoul Guarantee Insurance Co., Ltd. (hereinafter "the auction insurance contract of this case").

Plaintiff

On the date of sale of the above auction procedure, each of them reported a joint bid with each other (Defendant 720/1,00, Plaintiff 27/1,000, C 109/1,00, D144/1,000, and D 144/1,000) and submitted the auction guarantee insurance policy for the issuance of Seoul Guarantee Insurance with the purchase deposit.

Plaintiff

On March 2, 2006, the highest bidder obtained the decision of permission for sale from the court of auction.

However, the plaintiff et al. failed to pay the above sale price by April 6, 2006, which is the time limit for payment determined by the auction court, and the Seoul Guarantee Insurance paid KRW 482,067,191 to the auction court on June 2, 2006 upon the claim of insurance money by the auction court.

Seoul Guarantee Insurance Co., Ltd. filed a lawsuit against the plaintiff et al. on June 19, 2006 regarding the amount of 381,831,569 won (the amount of 100,235,62 won) out of the insurance money paid as above.

In the above case, the Seoul Guarantee Insurance Co., Ltd. calculated on October 23, 2007 at the rate of KRW 381,831,569 per annum from June 3, 2006 to August 19, 2006 and 20% per annum from the next day to the date of full payment.