The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

1.(a)

Article 368(2) of the Civil Act provides that where the co-mortgage distributes the proceeds of the auction sale of part of the immovable property which is the object of the co-mortgage, the co-mortgage may obtain the full repayment of the claim from the proceeds of the auction, and in this case the junior mortgagee of the auction real property may exercise the mortgage by subrogation of the senior mortgagee to the extent of the amount which the senior mortgagee would have received out of the proceeds of the auction sale of other real property if he would have paid the dividends at

As such, the subrogation of the subordinate mortgagee is naturally transferring the mortgage on other real estate held by the senior mortgagee to the subordinate mortgagee within a certain limit under the law, and it is interpreted that it takes effect without registration as it constitutes a change in the real right under the provisions of the law as stipulated in Article 187 of the

B. However, Article 482(2)1 and 5 provides that even in cases where a creditor’s claim and the right related to such security held by the creditor are transferred to the person performing the obligation as a matter of course by law due to the effect of subrogation, if a third party purchaser who acquired the real estate subject to repayment is believed to have extinguished due to the extinguishment of the mortgage, etc. and fails to make a supplementary registration on the mortgage, etc. subrogation in order to protect the third party purchaser who acquired the real estate subject to the said registration

Accordingly, if a third party purchaser acquired the above real estate while the third party did not make an additional registration of the subrogation on the registration of creation of a collateral on the real estate owned by another person who has pledged his/her property as a security for another person's obligation, he/she has paid out his/her obligation among them, and then has paid out his/her obligation by another person who has pledged his/her property as a security for another person's obligation, it shall be interpreted that the guarantor who has subrogated to the third party may not subrogate the creditor to the third party.