1. Revocation of the first instance judgment.

2. The Defendant’s KRW 50,905,943 for the Plaintiff and its related expenses from December 23, 2014 to September 2015.

1. Basic facts

A. On July 17, 2013, the Plaintiff entered into an exchange contract with D on the condition that: (a) the Plaintiff shall exchange the Plaintiff’s land of KRW 106 and 203 (hereinafter “instant commercial building”) and the Plaintiff’s land of KRW 45,00,00,00 among the F-based buildings owned by the Plaintiff; (b) D succeeds to the secured debt amount of KRW 200,000 of the Japanese Credit Union’s collateral security (hereinafter “instant collateral security”) established in the instant commercial building; and (c) paid interest after July 26, 2013 on the said debt; and (d) the Plaintiff shall pay KRW 45,00,000 to D (hereinafter “instant exchange contract”).

B. 1) After the conclusion of the instant exchange contract, the Plaintiff received documents from D for the transfer of ownership on the instant land pursuant to the instant exchange contract, and paid KRW 45,00,000 as stated in the said paragraph to D. 2) The Defendant paid the instant commercial building from the Plaintiff on August 12, 2013.

7. The registration of ownership transfer was completed on the ground of sale on March 7, 2017, and the registration of ownership transfer was completed on March 7, 2014 on the ground of sale on March 3, 2014.

[Ground of recognition] Facts without dispute, Gap evidence 1, Gap evidence 3-1, 2, Gap evidence 15-1, 2, 9, and 10, Gap evidence 15-1, 2, 9, and 10, Eul's testimony and the purport of the whole pleadings

2. Summary of the parties' arguments

A. Since the Plaintiff acquired the status of a party under the exchange contract of this case from D, the Defendant neglected to perform the obligation to pay the secured debt of the instant right to collateral security in accordance with the agreement under the above exchange contract, thereby resulting in the commencement of the voluntary auction procedure with respect to the instant commercial building by exercising the right to collateral security by the Japanese Credit Union. In order to prevent the progress of the said voluntary auction procedure, the Plaintiff repaid KRW 50,905,943 out of the secured debt of the instant right to collateral security

Therefore, the defendant is liable to the plaintiff for default.