Effect of the attachment of registered share certificates from persons other than those indicated as shareholders in the register of shareholders or register of shareholders.

If a certificate of transfer attached with the condition that a registered share certificate shall be valid only for a bid bond, is attached to the transferor, and the transferor is still a shareholder in the same share certificate or register of shareholders, even if the transferor is still a shareholder in the execution of a disposition on default, the above condition shall not be deemed to have been transferred without entering the condition in relation to a third party pursuant to Article 336(2) of the Commercial Act and Article 12 of the Bills of Exchange and Promissory Notes Act, and even if a registered share certificate may be transferred without endorsement, the above attachment disposition shall not be deemed an invalidation disposition with a grave and obvious defect, unless there is a special reason.

Article 366 of the Commercial Act, Article 12 of the Bills of Exchange and Promissory Notes Act

Plaintiff 1 and one other

Korea

Seoul Central District Court (75Gahap2335) in the first instance trial

The judgment of the court below shall be revoked.

The plaintiffs' claims are dismissed.

All the costs of lawsuit shall be borne by the plaintiffs in the first and second instances.

The share certificates in the attached list No. 1 are owned by the plaintiff 1, and the share certificates in the attached list No. 2 are owned by the plaintiff 2. The defendant shall deliver to the plaintiff 1 the share certificates in the attached list No. 1, and the share certificates in the attached list No. 2 to the plaintiff 1, respectively. The costs of the lawsuit are borne by the defendant.

The same shall apply to the order.

The fact that the defendant seized and keeps the share certificates listed in the attached Form 1 and 2 as a execution of disposition of national tax in arrears against the non-party 1 on September 21, 1973 is no dispute between the parties.

All of the above stock certificates listed in the first and second lists are common stock certificates registered, and they are owned by plaintiffs 1 and 2, and since the defendant seized them as execution of disposition on default of national taxes to non-party 1 who is a third party, this seizure disposition is obvious and serious defect and thus it is therefore null and void. Thus, in full view of the above contents in the first and second lists of the court below, the testimony of non-party 2 without dispute over establishment, and the purport of oral argument in the original list of the first and second lists of the court below, all of which are registered stock certificates, and original stock certificates of the plaintiff 1 and the second list of the second lists of the above list were owned by the plaintiff 2, and the above list of the above list of the plaintiffs, even if they were not recorded in the second list of the above list of shareholders on March 24, 1972, it cannot be viewed that the plaintiffs' above stock certificates were transferred to the Korea Rehabilitation Branch of Korea with a certificate of transfer of national taxes to non-party 1, and thus, the above plaintiffs' transfer of stock certificates cannot be seen as valid.

Therefore, the plaintiffs' claims are without merit, and the judgment of the court below is unfair with different conclusions, so the judgment of the court below is revoked, and the plaintiffs' claims are dismissed, and the costs of lawsuit are assessed against the plaintiffs who have lost them.

[Attachment List]

Judges’ advice (Presiding Judge) and Kim Young-jin’s high class