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

The grounds of appeal are examined.

1. Where land, buildings, etc. (hereinafter “land, etc.”) are to be liquidated in cash as it falls under the requirements prescribed by Article 47 of the former Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (amended by Act No. 11293, Feb. 1, 2012; hereinafter “former Act”), the obligation to pay liquidation money to the reconstruction association which is the project implementer and the obligation to transfer ownership without any restriction on the right to be borne by the owner of the land, etc. are

(See Supreme Court Decision 2008Da37780 Decided October 9, 2008). However, in cases where a landowner, etc. completed the registration of transfer of ownership and the transfer of land, etc. to a reconstruction association but did not cancel the registration of establishment of a neighboring mortgage, the scope of liquidation money for which a reconstruction association may refuse payment by asserting the cancellation of the registration of establishment of a neighboring mortgage and simultaneous performance in cash settlement pursuant to Article 47 of the former Act shall be determined in accordance with the concept of fairness and the principle of good faith in light of the fundamental purport of the right of defense of simultaneous performance.

Article 47 of the former Act provides that the owner of land, etc. falling under any of the subparagraphs of Article 47 of the same Act shall be liquidated in cash, regardless of his/her owner's intent, for the smooth implementation of a reconstruction project; ② in the process, the owner of land, etc. bears the duty to cancel the registration of the establishment of a mortgage near the land, etc. without having an opportunity to form a contract with the reconstruction association, and ③ the reconstruction association, which completed the registration of the transfer of ownership with respect to the land, etc., and has received the transfer of ownership with respect to the land, etc., by using the land, etc.