The judgment below is reversed and the case is remanded to Seoul High Court.

The grounds of appeal are examined.

Although the debtor had the intent to revise the project or to continue the project, it was intended for the debtor to do so.

The act of offering security to any one of his creditors in order to postpone the performance of existing obligations without a new loan constitutes a fraudulent act in relation to other creditors, unless there are other special circumstances.

(see, e.g., Supreme Court Decision 2009Da104564, Apr. 29, 2010). Moreover, in a lawsuit seeking revocation of a fraudulent act, a beneficiary is presumed to be malicious and thus, a beneficiary is obliged to prove his/her good faith in order to be exempted from his/her responsibility.

In such a case, whether the beneficiary acted in good faith shall be determined reasonably in light of the logical and empirical rules, comprehensively taking into account the following: (a) relationship between the debtor and the beneficiary; (b) details of and the process or motive for the act of disposal between the debtor and the beneficiary; (c) whether there are no special circumstances to doubt that the terms and conditions of the act of disposal are normal and reasonable; and (d) there

(2) In light of the above legal principles, the court below’s determination that each of the instant mortgage contracts was bona fide by a beneficiary at the time of a fraudulent act should be based on objective and acceptable evidence, etc., and it should not be readily concluded that the beneficiary was bona fide at the time of the fraudulent act (see, e.g., Supreme Court Decisions 2007Da74621, Jul. 10, 2008; 2006Da5710, Apr. 14, 2006; 2009Da60466, Jul. 22, 2010). The court below erred by misapprehending the legal principles as to each of the instant mortgage contracts merely by offering security to one of the creditors with a view to delaying the performance of an existing obligation without new financing, and in relation to the general creditors including the Plaintiff.