1. The plaintiff's appeal is dismissed.

2. Of the appeal costs, the part pertaining to the supplementary participation of the Intervenor.

1. Basic facts

A. The process of concluding a security trust contract between P and the Defendant (hereinafter “P”)

) Korea Trust Co., Ltd. (hereinafter “Korea Trust”) shall:

(1) The real estate listed in the separate sheet and the real estate listed in the separate sheet (hereinafter referred to as “instant real estate”).

(1) Of the S Condominium in Seoul, China and China, the same year in respect of 2 to 4 underground floors and 6 to 17th above ground units, with respect to 498 units on March 19, 2015 and 34 units on the 5th above ground units.

4.9. Each set of the aggregate M&D Co., Ltd. (hereinafter “MMM”) entered into a security trust agreement with priority beneficiary, and completed the registration of transfer of ownership based on the trust by designating Korea Trust as trustee with respect to each of the above real estate (hereinafter “instant trust real estate”).

2) On July 7, 2015, the truster and beneficiary of the said security trust contract, P, IMP, Korea trust, and the Defendant, a trustee under the said security trust contract, concluded a replacement contract with the trustee on July 7, 2015, stating that Korea trust, a trustee under the said security trust agreement, withdraws from the trustee’s position and appoint the Defendant as a new trustee, and shall succeed all the trust affairs based on the said security trust agreement. (iii) Accordingly, Korea trust resigned from the trustee on July 7, 2015. On the same day, P entered into a modified contract with the Defendant on the said security trust agreement (hereinafter “instant trust agreement”), and completed the registration of ownership transfer on July 8, 2015, by designating the Defendant as the trustee with respect to the instant trust real estate.

B. The contents of the instant trust agreement 1) The truster with the principal real estate security trust agreement in the instant trust agreement and the truster with the trust agreement in the instant trust agreement (hereinafter “A”) trust agreement with the International Asset Trust Co., Ltd. (hereinafter “B”), which is the trustee, to acquire the real estate (hereinafter “trust real estate”) indicated in attached Form 2.