1. The defendant's appeal is dismissed.

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

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

1. On March 22, 2012, the Plaintiff prepared a certificate of borrowing that “D borrowed KRW 250,000,000 to the Plaintiff with a maturity of 12 months or less,” with respect to the real estate indicated in the separate sheet (hereinafter “instant real estate”) owned by D and D on March 2, 2012, the Plaintiff entered into a collective security agreement with D on April 4, 2012, with respect to the said loan obligation as collateral, and obtained a registration of the establishment of a mortgage with respect to the instant real estate with the debtor amounting to KRW 550,00,000,000 on July 31, 2012.

Around May 6, 2010, the Defendant concluded a contract for the entrusted operation of a convalescent restaurant located in the instant real estate with E and the actual operator, and paid the deposit under the said contract to E. On April 18, 2012, entered into a mortgage contract with D and D who acquired the instant real estate prior to the transfer of the said real estate as a collateral obligation (hereinafter “instant mortgage contract”). On the same day, the Defendant received the registration of the establishment of a mortgage in the name of E and the Defendant, the debtor with respect to the instant real estate, the maximum debt amount of which is KRW 20 million.

After that, the Defendant applied for voluntary auction of the instant real estate to Gwangju District Court B, based on the right to collateral security established as above. The instant real estate was sold to F, G, and H on June 27, 2013 at the above auction procedure.

On August 9, 2013, the auction court held that KRW 2,150,546,868 out of the amount to be actually distributed to the defendant, who is a mortgagee, and KRW 1,625,667,810 out of the amount to be actually distributed to the Gwangju Metropolitan City Mine-gu, the holder of the right to deliver (the pertinent tax), KRW 1,625,667,883, and KRW 350,000 to the 35th asset-backed limited liability company by the transferee of the National Federation of Fisheries Cooperatives, which is a mortgagee, the mortgagee, and KRW 172,138,175, shall be distributed to the defendant, the applicant and the mortgagee, respectively, and the dividends to the plaintiff shall not be paid to the plaintiff.