The appeal is dismissed.

The costs of appeal are assessed against Defendant D.

The grounds of appeal are examined.

For the reasons indicated in its holding, the lower court determined that Defendant D’s purchase of the instant real estate from Defendant C and the registration of ownership transfer was not a third party protected under Article 4(3) of the Act on the Registration of Real Estate under Actual Titleholder’s Name, on the ground that the registration of ownership transfer under Defendant C, the title trustee, was valid, and thus, Defendant D did not constitute a person who is protected under Article 4(3) of the Act on the Registration

Examining the record in accordance with the relevant legal doctrine, the lower court did not err in its judgment by misapprehending the legal doctrine regarding the validity of the instant deliberation and the subject matter of adjudication in a subjective preliminary co-litigation, the meaning of a third party under Article 4(3) of the Act on the Registration of Real Estate under Actual Titleholder’s Name, and the probative value of the disposal document, or by exceeding

Therefore, the appeal is dismissed, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices.