The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

1. Where an obligor transfers to a creditor another claim against a third party for the purpose of securing his/her claim, and the transferred claim is reported as a rehabilitation claim by a creditor in the rehabilitation procedure for a third party after the date of the transfer, and all or part of the transferred claim is converted into equity and then substituted for the repayment of the rehabilitation claim according to the rehabilitation plan, the amount of the claim corresponding to the appraised value of new shares acquired by the creditor shall be deemed to have been repaid based on the market value of new shares

(2) On January 10, 2003, Supreme Court Decisions 2002Da12703, 12710, 2001Da64073, Aug. 22, 2003, etc.). 2. citing the reasoning of the first instance judgment, the lower court determined as follows: (a) based on the reasoning of the first instance judgment, that the Defendant acquired the instant credit sales claim against the Plaintiff as security while granting the instant loan by means of credit sales claim loan with the right to demand reimbursement against the Plaintiff; (b) the Defendant reported the above credit sales claim to the Plaintiff as rehabilitation claim in the rehabilitation procedure against the building company; (c) the said credit sales claim was converted into 75% of the above credit sales claim; and (d) the rehabilitation plan was finalized to substitute the repayment of the claim on the date when the issuance of new shares became effective; and (d) the Defendant accepted 14,850 shares on Nov. 14, 2012, which is the date when the issuance of new shares became effective;

3. Examining the aforementioned legal principles and records, although the reasoning of the lower court is insufficient, the amount assessed based on the effective date of issuance of new stocks acquired by the Defendant through conversion of part of the credit sales claims into equity among the instant loan claims.