The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

1. As to the assertion that the partial transfer contract of the instant right to collateral security was not an expected change in the right according to the rehabilitation plan

A. The record reveals the following facts.

(1) On December 27, 2005, D Co., Ltd. (hereinafter “D”) established the 6th priority collective security right on the real estate owned by D, which was financed by the Industrial Bank of Korea, to secure its obligation, with a view to securing its obligation.

(2) On October 31, 2005, the Plaintiff entered into a credit guarantee agreement with D and D to guarantee a loan obligation to the Industrial Bank of Korea within the scope of the guaranteed amount, and issued a credit guarantee certificate of KRW 233,800,000 (guarantee Number) to D and D as collateral.

(2) On September 3, 2008, when D was unable to repay its loans, etc. to the Industrial Bank of Korea, rehabilitation procedures began against D on September 3, 2008.

(3) On October 21, 2008, the Plaintiff subrogated to the Industrial Bank of Korea for KRW 119,048,013 out of D’s loan obligations pursuant to a credit guarantee agreement, and entered into a partial transfer contract of the right to collateral security (hereinafter “instant partial transfer contract”).

Article 2 of the contract provides for the priority appropriation order where mortgage is executed, "a failed credit related to loans (including expenses incurred in managing collateral) executed in excess of the original loan amount of guarantee side loan (hereinafter referred to as "guarantee side loan") among the remaining credit of the transferor as of the date of dividend as of October 31, 2005, and "a failed credit related to the loan executed in excess of the original loan amount of guarantee side loan under Guarantee Number E (hereinafter referred to as "guarantee side loan")" and "a difference between the interest amount calculated by applying the overdue interest rate arising by the date of the performance of the guaranteed obligation with respect to the guarantee side loan and the interest amount calculated by applying the agreed interest rate: Provided, That where a letter of guarantee is issued on February