1.The judgment of the first instance shall be modified as follows:

Daegu District Court 2012 Mad111.

1. Facts of recognition;

A. On September 30, 1999, the first priority joint collateral mortgage, the maximum debt amount of which is KRW 1.4 billion, ② the second priority joint collateral mortgage, the second priority mortgage, the maximum debt amount of which is KRW 50 million on January 28, 200, ③ the third priority joint collateral mortgage, the maximum debt amount of which is KRW 2.6 billion on February 6, 2002, ④ on May 16, 2002, the establishment of each joint collateral mortgage, the fourth priority joint collateral mortgage, the maximum debt amount of which is KRW 2.6 billion, was registered.

On June 19, 2008, the Korea Exchange Bank cancelled the registration of creation of each joint collateral security between the above-mentioned second and fourth priority on June 19, 2008, and simultaneously changed the registration of the right to collateral security that reduces the maximum debt amount of the above-mentioned third priority joint collateral from 2.6 billion won to 2.1 billion won.

(hereinafter the above third joint collateral security "the subordinate collateral security of this case")

B. On September 22, 2006, a rehabilitation company entered into a credit guarantee agreement with the Korea Technology Credit Guarantee Fund in which the credit guarantee limit of the Korea Technology Credit Guarantee Fund is 2.79 million won, and (2) around July 19, 201, between the Plaintiff and the Plaintiff entered into a credit guarantee agreement in which the Plaintiff’s credit guarantee limit is 5.4 million won.

Under the guarantee of the plaintiff and the Korea Technology Credit Guarantee Fund, the rehabilitation company was financed by the Korea Technology Credit Guarantee Fund with each of the instant collateral collateral as physical collateral, and was granted a decision to commence rehabilitation from the Daegu District Court on September 24, 2012 when only some of the principal and interest were repaid.

(T) Daegu District Court Order 2012 Gohap50

At the time of commencement of rehabilitation, the appraised value of the instant collateral was KRW 2,378,640,940, and the debts for loans to the rehabilitation companies of Korea Exchange Bank exceeded the above appraised value.