1. The defendant's appeal is dismissed.

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

Purport of claim and appeal

1...

1. The plaintiff's assertion

A. On November 10, 2001, the Credit Guarantee Fund entered into a housing credit guarantee agreement with the Defendant, and the Defendant was loaned KRW 60 million from the Japanese bank on the basis of the above credit guarantee agreement.

B. On February 23, 2004, the Credit Guarantee Fund subrogated the Defendant’s debt amounting to KRW 47,910,467 to the Japanese Bank, Inc. in accordance with the above credit guarantee agreement, and filed a lawsuit against the Defendant for reimbursement.

On August 11, 2004, the court rendered a ruling that "the defendant shall pay to the Credit Guarantee Fund the amount of KRW 48,378,967 and the amount of KRW 47,910,467 at the rate of 20% per annum from February 23, 2004 to the date of full payment" (Seoul Central District Court Decision 2004Da57531; hereinafter "the final ruling of this case") and the above ruling became final and conclusive on September 7, 2004.

C. As the Korea Housing Finance Corporation was enacted and enforced on March 1, 2004, the existing Korea Housing Finance Corporation had both contributed to the Housing Finance Credit Guarantee Fund under Article 14 of the former Act on the Assistance to Residential Stability and Lump Sum-Raising Savings of Workers and other legal acts deemed to be the Housing Finance Credit Guarantee Fund by the Plaintiff (Article 6 of the Addenda of the Korea Housing Finance Corporation) and the Plaintiff was the creditor of the claim under the final and conclusive judgment of this case. Since the completion of the extinctive prescription of the claim under the final and conclusive judgment of this case is imminent, the Plaintiff filed the lawsuit of this case with the same content as the final and conclusive judgment of this case for the extension of the extinctive prescription period.

Therefore, as in the final and conclusive judgment of this case, the defendant is obligated to pay to the plaintiff 48,378,967 won and 47,910,467 won with 20% interest per annum from February 23, 2004 to the date of full payment.

2. Determination:

A. In full view of the entries in Gap evidence Nos. 1 through 6 and 8 and the purport of the whole pleadings, the above assertion by the plaintiff can be acknowledged as it is.

B. The defendant declared a provisional execution of the judgment of this case.