1. The judgment of the first instance, including the Plaintiff’s claim selected by this court, is as follows.

1. Basic facts

A. On November 25, 2011, C Co., Ltd. (hereinafter “C”) concluded a sale-type land trust agreement (hereinafter “instant trust agreement”) with regard to the construction and sale of urban-type residential housing and officetels (hereinafter “instant building”) with the Defendant and the Seoul-dong-gu Incheon Metropolitan Government (hereinafter “instant land”) on the said land as trust property, designating the Plaintiff, a lending institution of the instant project (PF) as the first priority beneficiary when concluding a sale-type land trust agreement on the business of constructing and selling urban-type residential housing and officetels (hereinafter “instant building”).

The main contents of the instant trust agreement concerning the instant case are as follows.

The C Co., Ltd. (hereinafter referred to as "trustee") and the defendant (hereinafter referred to as "trustee") shall conclude a land trust contract for sale-type land as follows:

(b) Article 5 (Trust Originals) The Trust Originals refer to the property entrusted by the trustor pursuant to Article 103 of the Financial Investment Services and Capital Markets Act.

Article 6 (Trust Property) The term "trust Property" means any of the following properties or property rights, the trustee manages and disposes of according to the trust purpose:

1. Trust real estate and money;

2. Sale price of trusted real estate;

3. Property acquired by subrogation of real estate in trust; and

4. Operating profits of money belonging to trust property;

5. Where a trustee under Article 15 has fully performed the duties of due care of a good manager with respect to construction works on a trust building, disposal, management, and operation of trust property, and other trust affairs, equivalent to those under any of the preceding subparagraphs, the truster, beneficiary, preferential beneficiary, and his/her heir during the period of trust or after the completion of trust, he/she shall not be held liable even if any loss occurs to him

Article 16 (Management Method of Money Belonging to Trust Property) Money belonging to Trust Property shall be managed by the method determined by the trustee according to the trust purpose to the extent that it does not contravene the relevant statutes.