The costs of appeal are assessed against the Plaintiff.

1. As to the grounds of appeal Nos. 1 and 2

(a) Where a person liable for debts to another person concludes a trust agreement with a third party on real estate which is the whole property owned by him/her and accordingly transfers the above real estate to a third party who is the trustee, the truster does not have any longer any liability property available for the creditor to enforce compulsory execution, and thus constitutes a private trust as provided for in Article 8 of the Trust Act.

However, it is difficult to consider that a debtor in a situation where it is difficult to continue his/her business due to financial difficulties to believe that it is the best method to have the ability to repay his/her debt, and where it leads to the conclusion of a trust deed by means of financing funds, it is difficult to regard it as a fraudulent act. In addition, in case of so-called self-profit trust where a truster becomes a beneficiary under a trust deed, the trust property is excluded from the truster's responsible property, on the other hand, the truster is entitled to have the right to benefit under the trust deed, and the truster's creditor is able to enforce compulsory execution against it. Such right to benefit is likely to be disposed of by a general creditor in a way that causes damage to the general creditor's compulsory execution, unlike the act such as selling real estate, which is only the debtor's own property, and changing the money easily for consumption. In particular, if a trustee is a trust business with authorization granted under the Financial Investment Services and Capital Markets Act and a trust business, when determining whether it constitutes a fraudulent act to continue his/her business, it is not attributable to the truster's trust deed.