1. Of the judgment of the court of first instance, the plaintiff Industrial Bank of Korea, Korean Bank, Korean New Bank, and Nonghyup Bank.

1. Basic facts

A. The parties’ status and transaction structure were ethylM Co., Ltd., ethyl Industries Co., Ltd., lux Industries Co., Ltd., and luxa Co., Ltd. (hereinafter “SethylM, etc.”) decided to import scrap metal (hereinafter “the instant scrap metal”) from 13 companies, including Japanese companies luxatis (hereinafter “M, etc.”).

However, Switzerland et al. requested the Defendant to import the instant scrap metal from Japanese companies and sell it again to ethylM et al., and accepted it by the Defendant.

However, since the defendant and Switzerland et al. were both domestic corporations and it was impossible to trade by the credit, the defendant's trade was included in the trade of HS VITNAM NE NA and LTD (hereinafter "the HS Vietnam") which is a local corporation of Vietnam, and when the credit was issued in which Switzerland et al. entered into the purchase contract with the HS Vietnam and the beneficiary of the HS Vietnam, it agreed to transfer the credit to the defendant, and the defendant import the said scrap metal from the Japanese scrap metal and supply it to ethylM, etc.

B. The plaintiffs submitted a purchase agreement with the plaintiffs to the Vietnam of the HS and requested the plaintiffs to issue a letter of credit for the seller's payment of the purchase price to the Vietnam of the HS, and the plaintiffs issued a letter of credit for the purchase price as shown in attached Form 1 through 5, which is impossible to revoke the beneficiary's transferable sight delivery with the beneficiary as HS Vietnam (hereinafter "the first letter of credit").

C. After the transfer of the credit, Vietnam transferred the first credit to the Defendant, and the Defendant became the beneficiary of the first credit.

The defendant's letter of credit is to prepare a sales contract with the Japanese scrap metal and to request the domestic bank to issue a letter of credit with the beneficiary as Japanese scrap metal.