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

Ulsan District Court C Real Estate compulsory auction, D(Dus).

1. Facts of recognition;

A. On July 29, 2010, H established a collateral security of KRW 865,00,000 with respect to the land in the instant case as to the Ulsan-gun G1,256,196 square meters owned by the E and F Co., Ltd. (hereinafter “F”) (hereinafter “instant land”). At the request of H, H established a voluntary auction procedure with the Ulsan District Court Justice regarding the instant land.

B. On May 27, 2016, the Defendant acquired the right to collateral security from H and completed the registration of transfer of collateral security on the same day.

C. On June 3, 2016, the Plaintiff, K, etc. decided to receive a successful bid of the instant land through a voluntary auction conducted by the Defendant’s collective security (hereinafter “Defendant’s collective security”) and to generate profits by exchanging it with other land owned by Ulsan City. On or around June 3, 2016, the Plaintiff and K (hereinafter “Plaintiff, etc.”) acquired from the Defendant the above collective security claim amounting to KRW 630,000,000 from the Defendant, and later, to pay KRW 100,000 to the Defendant and K (hereinafter “Defendant, etc.”) when selling the instant land to a third party upon a successful bid.

The Plaintiff and M (referring to the Plaintiff) were awarded a successful bid on March 29, 2017 for each one-half of the instant land in the said voluntary auction procedure.

E. After that, on June 2, 2017, the establishment registration of a mortgage (hereinafter “mortgage”) consisting of the mortgagee, the Defendant, the debtor, and the maximum debt amount of 800,000,000 shares owned by the Plaintiff among the instant land (hereinafter “Plaintiff shares”) was completed on June 2, 2017.

F. On July 12, 2017, the registration of the entry of the decision to commence compulsory auction (Ulsan District Court C) made anO as a creditor on July 12, 2017 on the Plaintiff’s share was completed, and on August 16, 2017, the entry registration of the decision to commence voluntary auction (Ulsan District Court D) made the Defendant as a creditor was completed, and each of the above auction procedures was conducted in duplicate.

(g) The above auction procedure (hereinafter “instant auction procedure”). In the instant auction procedure, the execution court on April 4, 2018, the date of distribution, the Defendant, on April 4, 2017,054.