1. The part of the judgment of the court of first instance against Defendant B, C, D, and E shall be revoked.

2. The plaintiff's lawsuit against the defendant B, C, D, and E.

1. Basic facts

A. On December 24, 2003, Defendant F Co., Ltd. (hereinafter “Defendant F Co., Ltd”) completed the registration of transfer of ownership on the ground of the sale contract dated November 3, 2003, as the receipt of the Gwangju District Court No. 58461, with respect to the share of 3122/3783 square meters out of G forest G 3,783 square meters in Gwangju Mine-gu (hereinafter “instant share”).

B. The Network J completed the registration of the creation of a collateral security interest of KRW 150,000,000 on the ground of the contract to establish a contract dated April 25, 2011, which was received on May 13, 2011 from the registry office of the Gwangju District Court, No. 90979, May 13, 201, to Defendant E, who is one of his/her own holders and the Plaintiff’s births.

C. As the deceased J died on March 20, 2016, Defendant B, C, and D, the inheritor, completed the registration of ownership transfer on May 17, 2016 with respect to each share of the above real estate, Defendant B, Defendant C, and D, based on inheritance.

[Ground of recognition] Facts without dispute, Gap evidence No. 3, Eul evidence No. 2 (including branch numbers), the purport of the whole pleadings

2. The plaintiff's assertion

A. On November 3, 2003, the Plaintiff entered into a sales contract with the Defendant Company for the instant shares, and the Plaintiff is unable to engage in real estate transactions as a bad credit holder, and thus, it is decided to title trust with the Dong-in deceased J, and completed the registration of ownership transfer with respect to the instant shares in the name of the deceased J.

B. However, around May 201, the deceasedJ, without the permission of the title truster, set up a right to collateral security against Defendant E with respect to the instant shares, and Defendant B, C, and D completed the registration of ownership transfer on the ground of inheritance as to the instant shares upon the death of the deceased J on March 20, 2016.

C. As the above title trust constitutes a so-called three-party registered title trust, the registration of title trust agreement and transfer of ownership under the name of the deceased J is null and void (Article 4(1) and (2) of the Act on the Registration of Real Estate under Actual Titleholder’s Name), registration of inheritance in the name of Defendant B, C, and D, and registration of establishment of ownership in the name of Defendant E.