All appeals are dismissed.

The costs of appeal are assessed against the Plaintiff.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. As to the grounds of appeal Nos. 1 and 2, on the grounds as indicated in its reasoning, the court below determined that the sales contract of this case, where Korea Bank (hereinafter “Korea Bank”) decided to sell the stocks of this case in KRW 100 million by executing a pledge right on the stocks of this case, constitutes a false declaration of conspiracy, or constitutes a defect or abuse of the right of disposal of a pledgee, or an anti-social juristic act, and thus, cannot be deemed null and void.

The judgment below

Examining the reasoning in light of the relevant legal principles and records, the lower court’s aforementioned determination is justifiable.

In so doing, contrary to what is alleged in the grounds of appeal, there were no errors by misapprehending the legal principles as to false representation of facts, anti-social legal acts, and limit of disposal authority of a pledgee without failing to exhaust all necessary deliberations beyond the bounds of the principle of free evaluation of evidence inconsistent with logical

2. Regarding ground of appeal No. 3

A. Article 339 of the Civil Act prohibits a sub-pledge by providing that “The pledgee shall not, by a contract before the debt becomes due, agree that the pledgee shall acquire the ownership of the pledged article in lieu of satisfaction of his obligation, or dispose of it otherwise than in the manner provided for by the Act.”

However, Article 59 of the Commercial Act provides, “The provisions of Article 339 of the Civil Act shall not apply to pledges established to secure claims arising out of commercial activities,” allowing a pledge contract to secure claims arising out of commercial activities.”

In order to be effective pursuant to Article 59 of the Commercial Act, the secured claim under the pledge agreement is a commercial activity.