According to the reasoning of the judgment below, in light of the provisions of Article 30 (1) of the Foreign Exchange Control Act, Article 37 (1) 1 and (2) of the Enforcement Decree thereof, the act of acquiring domestic real estate by the Minister of Finance and Economy without permission under the Foreign Exchange Control Act is presumed to be null and void automatically, and the plaintiff, a non-resident under the above law, transferred 40 square meters of the site as payment in kind from the defendant, who is a resident under the above law, as alleged by the plaintiff, as the plaintiff, on December 10, 1972. The plaintiff purchased 528 square meters of the site in this case from December 3, 1972 to the non-party 1 (or non-party 2) and held that even if the plaintiff purchased 528 square meters of the above site in title trust to the defendant, the plaintiff cannot have a claim against the defendant for the registration of transfer of ownership due to payment in kind or the cancellation of the above title trust.

However, Article 30 (1) of the Foreign Exchange Control Act, Article 37 (1) 1 and (2) of the Enforcement Decree of the same Act provide that a resident shall not dispose of any real estate in the Republic of Korea or any right related thereto to a nonresident without permission of the Minister of Finance and Economy, but this provision shall be interpreted as a regulation that is not an effective regulation, and therefore it is reasonable to interpret it as a regulation that is not an effective regulation, and therefore, even if an act is in violation of the above restriction regulation, the judicial effect of the act is not affected, and the permission of the Minister of Finance and Economy for the acquisition of real estate is not merely an execution condition (see Supreme Court en banc Decision 72Da2161 delivered on April 22, 1975 and Supreme Court Decision 80Da1655 delivered on November 25, 1980). Therefore, the judgment of the court below that has different opinion has affected the result of the above Foreign Exchange Control Act and the interpretation of the Enforcement Decree of the same Act.

Therefore, the judgment of the court below is reversed and the case is remanded to the Daegu High Court which is the court below for a new trial and determination. It is so decided as per Disposition with the assent of all participating judges.

Justices Kim Tae-tae (Presiding Justice)