1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

3. The judgment of the court of first instance is ordered.

1. Basic facts

A. The relevant Plaintiff is a truster who entered into a land trust with the Defendant Land Trust Co., Ltd. (hereinafter “Defendant Land Trust”) with respect to the new construction and sale of the apartment complex C (hereinafter “instant apartment”) in Seongbuk-gu Seoul and 101 parcel (hereinafter “instant apartment”). The Defendant Land Trust is a trustee of the instant project as the real estate trust institution, and Defendant Kudong Construction Co., Ltd. (hereinafter “Defendant Kudong Construction”) is an apartment construction business entity, which is an apartment building construction business entity.

B. On October 12, 2007, the Plaintiff and the Defendants entered into a trust agreement with respect to the instant project. On October 12, 2007, the Plaintiff entrusted the instant apartment building site, etc. to the land trust with the Defendant, and the Defendant Kudong Construction constructed the instant apartment on the said project site, and after selling the instant apartment, the Defendant’s land trust with respect to the Defendant sold the instant apartment, etc. to the pledgee, etc., discharged the obligation to the preferential beneficiary, such as the pledgee, and settled the profits therefrom (hereinafter “sale-type land trust agreement”).

In the instant trust agreement, the content relating to the instant case is as follows. Article 1 (Trust Purpose) (1) of the Land Trust Contract for Sale-type Land (hereinafter “Land”) provides that the Plaintiff shall entrust the land listed in the attached Form (1) (hereinafter “Land”) to the Defendant, and the land trust for the Defendant shall be acquired. (2) The purpose of this trust is to construct the buildings listed in the attached Form (2) on the land (hereinafter “building”) and sell the land and buildings (hereinafter “trust real estate”) as trust property. The first beneficiary of this trust shall be the Plaintiff. However, with the consent of the Defendant’s Land Trust, the third party shall be the beneficiary of this trust.