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1. All of the plaintiff's claims are dismissed.
2. The costs of lawsuit shall be borne by the Plaintiff.
Reasons
1. Basic facts
A. The Plaintiff is a company established by members of the golf course in Jeju-do, which was operated by the Plaintiff Company B (hereinafter “B”), to take over the above golf course. The Defendant is a bank holding loan claims and security rights against B.
B. On July 24, 2015, the Plaintiff entered into an asset acquisition agreement (hereinafter “instant agreement”) with the Defendant with the content that the Defendant would receive assets indicated in the attached Form “transfer assets” from the Defendant.
The details of the instant contract are as follows.
The instant contract for asset acquisition was concluded on July 24, 2015 between the Plaintiff and the Defendant.
The term "security" as defined in Article 1 (1) of the definition and interpretation means the right to trust and other tangible or intangible assets or the right to intangible assets, which assures the repayment of all or part of the trust rights and other loans of any real estate listed in the "Indication of Transferred Assets" as shown in the attached Form (B).
The term "principal transaction" means the transaction in which the defendant sells the property in accordance with this contract and purchases it by the purchaser.
The term "reasons for default" means any of the following cases:
(1) Where a Party explicitly expresses, on the date of the termination of a transaction, that it has no intention to conclude or terminate this transaction (2) where the purchaser’s statement and guarantee under Article 6(1) are not true and correct in material respect and adversely affect this transaction, and (3) where the purchaser has a significant negative impact on this transaction due to its significant breach of the terms of the agreement under Article 6(2), either Party fails to perform its obligations under this contract as provided for in this contract, and if such correction is possible, the other Party requests correction by written notice.