1. The plaintiff's appeal is dismissed.

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

Purport of claim and appeal

The first instance court.

1. The facts below the basic facts are acknowledged, either in dispute between the parties or in full view of the purport of the entire arguments in Gap evidence Nos. 1 to 4, 14, 15, and Eul evidence Nos. 1 and 2.

[1] The new BNP Co., Ltd. (hereinafter “new BNP”) is a collective investment entity under Article 8(4) of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”) as a corporation established for collective investment business, etc.

On December 13, 2012, a new BNP made an investment in real estate in excess of 50/100 of the collective investment property, and entered into a trust agreement (hereinafter referred to as “instant trust agreement”) with a trust company, a trust business entity, to manage collective investment property using a trust-type collective investment scheme, “NewBNP Private Equity Real Estate Investment Trust 14” (hereinafter referred to as “instant collective investment scheme”).

Article 4 (Business Affairs of Collective Investment Business Entity and Trust Business Entity) (1) A collective investment business entity shall create and terminate an investment trust and perform the business affairs of operating and operating investment trust properties.

(2) A trust business entity shall keep and manage the investment trust property, and perform the acquisition and disposal of assets pursuant to an instruction given by the collective investment business entity to manage the investment trust property, and deliver the proceeds and profits therefrom.

Article 15 (Instruction for Asset Management, etc.) (1) A collective investment business entity shall, in managing the investment trust property, give the trust business entity instructions necessary for the acquisition, disposal, etc. of assets, and the trust business entity shall execute the acquisition, sale, etc. of assets in compliance with the instruction of

However, it is inevitable for collective investment business entities to efficiently manage the investment trust property, which is stipulated in Article 79(2) of the Enforcement Decree of the Capital Markets Act.