1. The defendant shall receive, on January 15, 2008, Suwon District Court Branch Branch with respect to each real estate listed in the separate sheet to B.

1. Facts of recognition;

A. B, C, and D shared 1/3 shares of each of the real estates listed in the separate sheet (hereinafter “each of the instant real estates”). However, the Defendant completed the registration of creation of a mortgage in the vicinity of the obligor C and the maximum debt amount of KRW 884 million as the joint collateral on January 15, 2008, with the entire of the instant real estates as joint collateral for securing the claim against C, the Defendant completed the registration of creation of a mortgage with the obligor C and the maximum debt amount of KRW 1905, supra.

(hereinafter referred to as the above, the right to collateral security, the registration of which has been completed, shall be deemed as the “mortgage of this case.”

The Plaintiff completed the registration of the establishment of a neighboring mortgage over the obligor B and the maximum debt amount of KRW 180 million as of December 21, 2012, No. 46121, which was received on December 21, 2012, with respect to B shares in each of the instant real estates (hereinafter “B shares”).

C. Since then, the Defendant received the total amount of the secured debt of the instant right to collateral security on July 27, 2016, which was the date of distribution, from the voluntary auction procedure (Yawon District Court credit support E) commenced with respect to B shares, and the Plaintiff did not receive the distribution.

[Reasons for Recognition] Unsatisfy, Entry in Gap evidence 1-3 (including branch numbers), the purport of the whole pleadings

2. Determination on the cause of the claim

A. In a case where a subordinate mortgage is established on the real estate owned by a person who has pledged the property to secure another's property, unless there are special circumstances, the person who has pledged the property to secure another's property shall first sell the real estate owned by the person who has pledged the property to secure another's property and shall obtain the right to indemnity against the debtor, and at the same time obtain the right to indemnity against the debtor, the person who has pledged the property to secure another's property by subrogation under the provisions of Articles 481 and 482 of the Civil Act on subrogation of the person who has pledged the property to secure another's property, and the person

Supreme Court Decision 199Na1480 delivered on May 1, 1994