1. Defendant B’s appeal filed by the Intervenor D is dismissed.

2. The costs of appeal shall be borne by Defendant B’s Intervenor D.

1. Basic facts

A. On November 22, 2012, Defendant B completed the registration of ownership transfer with respect to forest land F. 4,181 square meters in Sejong Special Self-Governing City (hereinafter “land prior to subdivision”). On the same day, Defendant B completed the registration of ownership transfer with respect to the land prior to subdivision, Defendant B completed the registration of creation of a neighboring mortgage with the debtor J, Defendant B, and the maximum debt amount of KRW 1.664 million in the name of the Korean Ambassador Credit Union, and Defendant B’s assignee (hereinafter “acquisition Intervenor”) with respect to the land prior to subdivision, Defendant B completed the registration of creation of a neighboring mortgage with the debtor B and the maximum debt amount of KRW 390 million in the name of

B. On December 5, 2012, the Plaintiff (Appointed Party; hereinafter “Plaintiff”) completed each share transfer registration with respect to the share of 662/4,181 of the land before subdivision. The Selection completed each share transfer registration with respect to the share of 330/4,181 of the land before subdivision.

C. Subsequent, the land before subdivision was divided into the instant land No. 1 and the instant land No. 2 on April 5, 2013.

According to the above land division, land No. 2 of this case also land A.

The Korean Ambassador Credit Union and the acquiring Intervenor D had each secured mortgage established in the future as indicated in paragraph D, and the Korean Ambassador Credit Union and the acquiring Intervenor D cancelled each of the secured mortgage established on the land of this case on June 4, 2013.

Meanwhile, after cancelling the right to collateral security established on the land of this case as above, the Korean Ambassador Credit Union added some of the shares (2,984/4,181) in the shares (3,189/4,181) of Defendant B with respect to the land of this case as joint collateral of the right to collateral security of the right to collateral security of the right to collateral security of the Korean Ambassador Credit Union. On the same day, the Korean Ambassador Credit Union completed the registration of the establishment of the right to collateral security with respect to the part of shares (205/4,181) of Defendant B with respect to the land of this case as to the land of this case at the time of cancelling the right to collateral security established on

E. On May 8, 2014, Defendant C completed each share transfer registration with respect to each share of 801/4,181 shares of each of the instant lands.

F. On July 3, 2014, at the request of the Intervenor D, the voluntary auction procedure on the land No. 1 of this case was initiated, and the Defendant.