1. All appeals filed by the plaintiffs are dismissed.

2. The costs of appeal are assessed against the Plaintiffs.

The purport of the claim and appeal is the purport of the appeal.

1. Basic facts

A. On June 7, 2011, the Defendant entered into a security trust agreement with the company B (mutual stock company C before the alteration; hereinafter “C”) with respect to the unsold 46 households among Jinju-si apartment units (hereinafter “instant apartment units”). The instant security trust agreement includes the following special terms and conditions:

Article 1 (Management, etc. of Trust Real Estate) (1) A trustee (referring to a defendant; hereinafter the same shall apply) shall perform only the ownership transfer (disposition) upon the request of the priority beneficiary entered in the certified copy of the register and all the actual management and preservation activities shall be performed at the expense of the truster (referring toC; hereinafter the same shall apply) and debtor.

Provided, That where the truster fails to perform the contract, it shall be handled pursuant to Article 15 of the main sentence of the trust contract.

Article 5 (Sale of Trust Real Estate) (1) A truster may sell trust real estate to the preferential beneficiary separately for the repayment of debts to the preferential beneficiary, and the sale price shall be received in a deposit account designated by agreement with the preferential beneficiary.

(2) Where a person who has purchased trust real estate as a result of sale under paragraph (1) needs to transfer ownership of part of the trusted real estate because he/she fully pays the sale price, the truster shall transfer the ownership to the buyer through the following procedures:

1. Requesting the first beneficiary to consent to the transfer of ownership of the relevant trusted real estate, along with documents proving the full payment of the sale price by the purchaser;

2. A truster shall, in writing, request the trustee to terminate the trust, attaching a written consent of the preferential beneficiary under the preceding subparagraph;

3. A trustee shall do so in writing under subparagraphs 1 and 2 above.

(3) In relation to the provisions of paragraphs (1) and (2), the first beneficiary shall be the beneficiary of the trust by delivering the necessary documents for termination of the trust to a certified judicial scrivener designated by the truster.