1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. Basic facts

A. On October 29, 2004 and October 28, 2011, the Plaintiff entered into a credit guarantee agreement with Mansan Co., Ltd. (hereinafter referred to as "Masan"), and Mansan took out a loan from the Defendant by taking the credit guarantee agreement issued pursuant to the above credit guarantee agreement as security.

B. In order to secure the claim for a loan against Innsan, India failed to repay the debt to the Defendant, the Defendant filed an application for voluntary auction of real estate with the Gwangju District Court A on April 23, 2012, based on each right to collateral security, set at KRW 3,160,000,000, the aggregate of the maximum debt amount with respect to the land and buildings owned by Innsan-dong, Seo-dong, Gwangju District Court (hereinafter “instant factories”), in order to secure the claim for a loan against Innsan, and the said court rendered a decision of voluntary auction of real estate on April 24, 2012.

C. On May 30, 2012, pursuant to the aforementioned credit guarantee agreement, the Plaintiff subrogated for KRW 921,380,080 in total to the Defendant. On May 30, 2012, the Defendant completed the additional registration for partial transfer of 450,000 won for the registration of establishment of a mortgage in the name of the Defendant with respect to the establishment of a mortgage in the name of the Defendant with respect to the instant factory on May 30, 2012.

The difference between interest on non-guaranteed loans 2,047,653,653,404 and interest on non-guaranteed loans 127,532,289 and interest on the non-guaranteed loan 127,418,741 and interest on the non-guaranteed loan 16,418,741, 407,949,5147,949,549,551 (42.99%) among creditors' total dividends (repaid creditors, collateral security holders), preferential appropriation, and the difference between the agreed interest 127,532,289 and the agreed interest 16,418,741, 407,949,551 (repaid creditors), the Korea Trade Insurance Corporation (Subrogation) (Repaid) 446,578,600,608,4670 (47.96,96,97,9406,706,97,9406,7,906,706,7

D. The Korea Trade Insurance Corporation for the Plaintiff, the Defendant, and the subrogated shall receive dividends in the above auction procedure as follows. Of the distributed amount to the Defendant, the cost of managing collateral (security cost, fire insurance premium) 19,416,040 won (hereinafter “the cost of managing collateral in this case”) shall be excluded from the subject of the agreement, and the result of the lawsuit between the parties in the future.