All appeals are dismissed.

The costs of appeal are assessed against the Defendants.

The grounds of appeal are examined.

1. The judgment of the court below

A. The reasoning of the lower judgment reveals the following facts.

(1) On April 17, 2009, C Co., Ltd. (hereinafter “C”) entered into a pre-sale agreement with Defendant B on the instant real estate, and completed the provisional registration of the right to claim ownership transfer based on the pre-sale agreement in the future of Defendant B on the same day.

On March 19, 2010, Defendant B transferred the right to claim ownership transfer based on the above purchase and sale reservation to Defendant A, and completed the supplementary registration prior to the provisional registration on April 9, 2010 with respect to the instant real estate, and on the same day, Defendant A completed the principal registration based on the said provisional registration on the grounds of sale and purchase as of March 19, 2010.

(2) On this ground, the Korea Credit Guarantee Fund and the Bank Business Loansnet Co., Ltd. (hereinafter “bank Business Loansnet”) filed a lawsuit against the Defendants for revocation of fraudulent act (Seoul District Court 2010Gahap7791, Gwangju District Court 2012Gadan25963) by asserting that the aforementioned sales reservation and sales contract constituted fraudulent act.

The court revoked the above sales contract and the pre-sale contract for the Korea Credit Guarantee Fund within the limit of 40,400,000 won and the Bank Businessnet loan within the limit of 48,400,000 won respectively and sentenced the defendants to order compensation for the equivalent value, and the above judgment became final and conclusive thereafter.

(3) D, the representative director of C, paid the above amount of compensation in lieu of Defendant A’s name. ① On September 2012, 2012, the amount of compensation KRW 40,400,000 shall be paid to the Credit Guarantee Fund; ② On November 2012, 2012, the Bank Businessnet was deposited with the Bank as the depositee, and the amount of compensation shall be KRW 8,530,410, etc.

D As for the Credit Guarantee Fund, the primary debtor C's indemnity liability was jointly and severally guaranteed with C, etc. for the Bank Business Loansnet, and the primary debtor G's loan obligation was jointly and severally guaranteed.

(4) The Plaintiff shall pay off the Defendants’ compensation liability instead of the Defendants’ compensation liability and claim reimbursement against the Defendants.