On February 26, 2015, K Co., Ltd. (hereinafter “K”) completed the registration of ownership transfer with respect to each of the lands listed in [Attachment 1] List 1, 2, and 4 (hereinafter “instant land”). On March 12, 2015, K borrowed KRW 1.35 billion from the Plaintiff on March 11, 2015, and completed the registration of ownership transfer with respect to the instant land on March 11, 2015.

K around May 2015, K established a ready-mixed factory on the land of this case and started to manufacture ready-mixed in the factory from December 2015.

On March 10, 2016, K completed the registration of initial ownership as to the building listed in attached Table 1 List 3 (hereinafter “instant building”) located on the instant land. On March 25, 2016, K borrowed additional KRW 960 million from the Plaintiff, and on March 23, 2016, K completed the registration of initial establishment as to the instant building on the ground of additional contract on collateral security. On the same day, on the same day, K completed the registration of initial establishment as to each real estate, machinery, or apparatus listed in attached Table 1 List (Article 2016-97 of the Inventory 6 of the Mining Foundation Mortgage Act (hereinafter collectively referred to as “instant real estate, etc.”) with respect to each real estate, machinery, or apparatus listed in attached Table 1 List (hereinafter collectively referred to as “instant real estate, etc.”).

M Co., Ltd. engaged in a wholesale business with the trade name of “L” entered into a contract establishing a collateral (hereinafter “instant collateral security”) with respect to the instant real estate, etc. (Article 6 of the Inventory 2016-110 of the Factory and Mining Foundation Mortgage Act) in order to secure the claim for cement proceeds under a cement supply contract with K on March 29, 2016, and completed the registration of the establishment of a mortgage near the same day.

Meanwhile, M supplied cement to K from October 14, 2015 to August 2017, 2017. Since K unpaid cement costs equivalent to KRW 945,292,167, and the instant real estate, etc. on September 11, 2017.