1. All of the plaintiffs' claims are dismissed.

2. The costs of lawsuit are assessed against the plaintiffs.

1. Basic facts

A. The defendant is a legal entity that operates a deposit membership golf club (hereinafter “Bludrt consortium”) at 156-1, a deposit membership golf course in Gwangju City-si, Gwangju-si, and the plaintiffs are members of the instant golf course.

B. On June 13, 2008, Plaintiff A purchased the membership fee (F) of the instant golf course from Nonparty E. The Defendant issued and issued a certificate of KRW 400 million to Plaintiff A on February 6, 2009. Plaintiff B purchased the membership fee (H) of the instant golf course from Nonparty G on June 25, 2008, and the Defendant issued and issued the certificate of KRW 400 million to Plaintiff B on March 23, 2009.

3) Around May 2007, Plaintiff C paid 110 million won as a regular member of the instant golf course, and acquired the right to membership of the instant golf course. On July 2008, Plaintiff C paid an additional amount of KRW 80 million to the Defendant and issued and delivered the certificate of loan of KRW 190 million to Plaintiff C on July 22, 2008. Plaintiff D paid KRW 110 million as a regular member of the instant golf course, and acquired the general member’s right to membership of the instant golf course on May 2, 2007. Since then, Plaintiff D paid an additional amount of KRW 80 million to the Defendant on June 2008, the Defendant became a preferential member (the membership number).

On June 9, 2008, the Defendant issued and delivered the loan certificate of KRW 190 million to Plaintiff D on June 9, 2008.

5 In relation to the return of the membership fee received by the Defendant, the Plaintiff A and B stated that “the date of return of the membership fee shall be ten years from the date of issuance of the membership fee certificate, and if the Plaintiff C and D apply for the return in writing within one month from the date of return, the membership fee shall be refunded within three months from the date of application.” On the bottom of the loan certificate delivered by the Defendant, the amount above shall be 0.3% per annum if there is a request for repayment after ten years, and no request for repayment shall be made.