1. The defendant's appeal is dismissed.

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

3. Paragraph (1) of this Article, among the judgment of the court of first instance;

1. The reasons for the court's explanation concerning this case are as follows: (a) the amendment of the title trust agreement or ownership transfer registration pursuant to the second sentence of the judgment of the court of first instance to the "manner, etc."; and (b) the third sentence and the 18th sentence are as follows; (c) the addition of the part as of February 2, 199 pursuant to the main sentence of Article 420 of the Civil Procedure Act is as follows; (d) even if the ownership transfer registration of this case is completed pursuant to the title trust agreement between A company E and the defendant, the plaintiff who is not a party to the title trust agreement cannot oppose the invalidation of the title trust agreement or the invalidity of ownership transfer registration pursuant to it, regardless of such bad faith; (e) the provisional registration of this case based on the ownership transfer registration of this case cannot be deemed as valid, and (e) the third party, as stated in Article 4(3) of the Act on the Registration of Real Estate under Actual Titleholder's Name, is not only a person who was declared to have a new title truster's interest in the title trust agreement with the title trust.