1.The judgment of the first instance shall be modified as follows:

The Plaintiff, Defendant AL, 230,195,560 won from the Plaintiff.

1. Basic facts

A. The Plaintiff is a cooperative established pursuant to the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (hereinafter “Urban Improvement Act”) to implement a housing reconstruction project (project implementation district: AV large AV large 48,979 square meters) in Dongjak-gu, Seoul, and completed the establishment registration on July 2, 2012 after obtaining authorization from the head of Dongjak-gu on June 29, 2012 for the establishment of the said project.

B. Defendant AL and AM are owners of 1/9 shares of each of the lands listed in paragraph (1) of the attached Table No. 1 of the said project implementation district (hereinafter “the land No. 1”); Defendant AT is owners of each of the lands listed in paragraphs 2 and 3 of the attached Table No. 2 of the said project implementation district (hereinafter “the land No. 2 and 3”); and Defendant AL and AM are owners of each of the lands listed in the attached Table No. 1 of the said project implementation district (hereinafter “each of the instant lands”).

C. On August 31, 2012, the Plaintiff served a duplicate of the instant complaint on the part of Defendant AL and AM, and expressed to Defendant AT each intent to claim sale of the land Nos. 2 and 3. The duplicate of the complaint reached Defendant AL on February 22, 2013; February 23, 2014; and February 21, 2013 with Defendant AM respectively.

[Ground of recognition] The non-contentious facts, Gap evidence Nos. 1 through 5 (including each number; hereinafter the same shall apply), the purport of the whole pleadings

2. The establishment and effect of a sales contract for each of the instant lands

(a) If the executor of the housing reconstruction project under the Act on Urban Improvement exercises his/her right to demand sale against the person who owns only the land under Article 39 subparagraph 2 of the same Act, the sale contract is concluded at the same time as the declaration of intention to exercise the right to demand sale reaches the market price

The market price is the objective transaction price at the time of exercising the right to request sale, which includes the price assessed on the premise that the housing reconstruction project is implemented, i.e. the development gains expected to be incurred due to reconstruction.

Supreme Court Decision 209 March 26, 2009