1. The plaintiff's appeal is all dismissed.

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

3.Paragraph 1. of the text of the judgment of the court of first instance.

1. Basic facts

A. The Plaintiff entered into a credit guarantee agreement with A. A. A. A. on October 19, 2009 and caused a credit guarantee accident due to the default of bills, etc. on or around November 30, 2009 and subrogated the Defendant Industrial Bank of Korea to KRW 14,372,654 (i.e., principal amount of KRW 14,229,000, KRW 143,654) between November 30, 2009 and December 30, 2009 (i.e., principal amount of KRW 14,229,000), KRW 406,911,0013 (i.e., principal amount of KRW 400,000,000, KRW 6,911,013), and KRW 388,775,986 (i.e., principal amount of KRW 382,352,892,423,094).

B. A, around October 21, 2009, filed an application for individual rehabilitation with the Suwon District Court for the commencement of the individual rehabilitation procedure (hereinafter “instant rehabilitation”) on December 2, 201 of the same year, and A was determined as the debtor and the administrator.

C. The defendant Credit Guarantee Fund and the defendant Industrial Bank of Korea (Withdrawal from the court of first instance) are those who were deemed to have priority over the plaintiff in the rehabilitation of this case, and the principal and interest of the rehabilitation security right of the defendant Credit Guarantee Fund are KRW 829,373,487 (=interest of KRW 7,600,00 on the beginning of the principal amount of KRW 7,60,200 and interest of KRW 89,773,282). The principal and interest of the rehabilitation security right of the defendant Industrial Bank of Korea are KRW 423,37,333 ( interest of KRW 423,37,333 after the commencement of the principal amount of KRW 37,090,536 and interest of KRW 46,797 after the beginning of the principal amount of KRW 377,50,505,912 (= interest of KRW 181,096,409,666).

On January 8, 2010, the Plaintiff reported to Suwon District Court the amount of KRW 181,096,246, which was partially transferred the right to collateral security from the Defendant Industrial Bank of Korea, to the rehabilitation secured creditor, and A reported to the said amount of KRW 181,096,246, which was reported to the Plaintiff as the rehabilitation secured creditor at the meeting of creditors implemented on March 8, 2010.

E. A received a decision to authorize a rehabilitation plan from the Suwon District Court around January 10, 201. The content of the change of rights and the method of repayment on the rehabilitation security rights relating to the Plaintiff and the Defendants is as follows.

SECTION 2. Change of rights to rehabilitation security rights.