Busan District Court 201Kadan83147 (No. 12, 2012)

by gift, it caused or deepens the shortage of common security for general creditors, so it constitutes a fraudulent act.

(As in the judgment of the court of first instance, in determining the bad faith of the subsequent purchaser, only the issue is whether the subsequent purchaser, at the time of the subsequent purchase, recognizes the existence of a legal act between the debtor and the beneficiary, and it does not require that the subsequent purchaser’s act of purchase does not constitute an act detrimental to the creditor again.

2012Na40193 Revocation of Fraudulent Act

Korea

Section AA

Busan District Court Decision 2011Da83147 Decided January 12, 2012

June 14, 2012

June 28, 2012

1. The defendant's appeal is dismissed.

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

1. Purport of claim

With respect to real property listed in the Schedule:

A. Revocation of a gift agreement concluded on November 22, 2010 between KimB and the Defendant, and

B. The defendant will implement the registration procedure for transfer of ownership due to the cancellation of fraudulent act to KimB.

2. Purport of appeal

The part concerning the defendant in the judgment of the first instance shall be revoked. The plaintiff's claim against the defendant shall be dismissed.

The court's reasoning is the same as the reasoning of the judgment of the court of first instance. Accordingly, the plaintiff's claim against the defendant is justified, and the judgment of the court of first instance is just, and the defendant's appeal is dismissed without just cause. It is so decided as per Disposition by the court of first instance.