The defendant's appeal is dismissed.

Expenses for appeal shall be borne by the defendant.

Purport of claim and appeal

purport.

1. On January 10, 2020, the defendant filed an appeal only against the part of KRW 148,707,847, which was distributed to the defendant as a right to collateral security among the part against the defendant in the judgment of the court of first instance by submitting a change in the purport of appeal and the statement of reasons for appeal to this court on January 10, 2020, and revised the purport of appeal to the effect that the defendant shall not file an appeal against the remaining amount of KRW 34,879,09, which was distributed to the defendant as a right to collateral security, and that the defendant shall not file an appeal against the defendant as a right to collateral security. Accordingly, the decision is limited only to whether the defendant should be

2. The reasons for this part of the basic facts are as stated in the reasoning of the judgment of the court of first instance, and therefore, they are cited in accordance with the main sentence of Article 420 of the Civil Procedure Act.

3. Determination

A. 1) The right to collateral security of this case, which is the case of false conspiracy with the plaintiff's assertion 1) is established based on false claim in the auction procedure to prevent the collection of claims by the plaintiff's compulsory execution against each real estate of this case, and to receive dividends from the auction procedure. Thus, the right to collateral security

B) Since the non-existence of the secured obligation does not have a claim against D, which is the debtor of the instant right to collateral security, the Defendant did not receive dividends under the instant right to collateral security. (2) On September 5, 2008, the Defendant drafted a written agreement with the Defendant to set up a transfer of ownership or a right to collateral security, or distribute conversion money to the Defendant on September 5, 2008, pursuant to the instant protocol on the assertion of the Defendant. As such, the instant right to collateral security was set for the purpose of guaranteeing the right to claim the transfer of ownership or the right to purchase and sell conversion money

Therefore, the right to collateral security of this case is not established by false representation of agreement, but also a secured obligation.

(b).