1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

Basic Facts

The relationship E Emid (ETS, hereinafter referred to as “E”) between the Parties is the owner of ship F (F, Belize State, Belgium State, hereinafter referred to as “instant vessel”).

The representative of E and G (hereinafter referred to as “G”) is the Australian State, H.

The Defendant, on September 13, 2013, entered into a mortgage contract with E with the following terms and conditions (hereinafter “mortgage contract of this case”). On October 7, 2013, the Defendant: (a) entered into an application for registration in accordance with the form for mortgage registration (MPOTRGGGE RES REGE REIOFOM) in attached Table 3 (APENIX3) of the Belgiumn State’s registration; and (b) obtained the certification of a deed signed by a notary public in accordance with Articles 4773 and 5179, a notary public, the third party of which was a law firm, respectively.

The mortgagee (E) and the mortgagee (Defendant) shall enter into a bond contract for the purchase of the ship of this case with the first priority on the ship of this case whose beneficiary shall be the defendant, and the mortgagee shall be liable for the full payment of 500 million won to the mortgagee.

Article 2 (Peremptory Principal) The highest amount guaranteed by this mortgage is one billion won.

Article 3 (Payment of Interest and Principal) The mortgagee shall be liable for the full payment of interest 3% per month to the mortgaged creditor on the 25th day of each month for two years from the commencement to the termination of the bond contract.

A mortgaged debtor shall be liable for the full payment to the mortgaged creditor over ten times each month with the principal from the commencement of the bond contract to the termination of the bond contract, which shall be 50 million won on the 25th of each month.

And G, a representative of the mortgaged debtor, also shall be liable for the payment of the interest and principal to the mortgaged creditor during the period of the bond contract.

Article 5 (Maturity) The expiry date of this Agreement is October 14, 2015.

The Defendant remitted KRW 500 million to G’s account on September 13, 2013, and E, according to the instant mortgage agreement, the Defendant: (a) transferred the instant vessel to the Defendant on September 13, 2013; (b) the mortgagee, the mortgaged amount of KRW 500 million, the interest rate of KRW 300 million per month; (c) September 13, 2013; and (d) October 14, 2015.