1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

Purport of claim and appeal

1.

1. The reasoning of the judgment of the court of first instance cited by the court is as follows, except for an additional determination as to the assertion newly added by the Defendants, and thus, it is consistent with the reasoning of the judgment of the court of first instance.

2. Summary of the Defendants’ assertion (1) The Defendants concluded each lease agreement with the Nonparty Company, who is authorized to conclude the lease contract, as an act of managing and preserving each real estate listed in the separate sheet under the instant trust agreement.

② Under the instant trust agreement, the Defendants entered into a lease agreement with the non-party company, who is authorized to enter into a lease agreement on behalf of the Plaintiff as an act of managing and preserving each of the above real estate under the instant trust agreement. Even if there is a defect in exercising the right of representation, the Defendants are acting in good faith and without fault, thereby not being abused the right of representation or acting in representation under Articles 125 and

③ Although the Plaintiff was aware of the fact of concluding a lease agreement on each of the above real estate of the non-party company even without the right to lease or to represent the non-party company, it was ratified.

Ultimately, the Defendants have the title to possess each of the above immovables.

3. Whether the non-party company has the authority to enter into a lease contract with the non-party company (i) the evidence submitted by the Defendants alone cannot be deemed as including the authority to enter into a lease contract with respect to each real estate stated in the separate sheet within the scope of management and preservation of the non-party company.

Rather, in light of the trust agreement of this case and the provisions of the special agreement as seen above, the right to conclude a lease contract for each real estate listed in the separate sheet is, in principle, the Plaintiff, the trustee, and the Nonparty Company, the first beneficiary, following the enactment of the Housing and Urban Guarantee Corporation Act on January 6, 2015.