The judgment of the court below is reversed, and the case is remanded to the Seoul Central District Court Panel Division.

The grounds of appeal are examined.

1. In a lawsuit seeking revocation of a fraudulent act, the issue of the beneficiary’s good faith shall be determined reasonably by comprehensively taking into account the following: (a) the relationship between the debtor and the beneficiary; (b) the details of and the background or motive for the act of disposal between the debtor and the beneficiary; (c) whether there are objective data supporting the normal transactional relationship, and the circumstances after the act of disposal, etc.

(See Supreme Court Decision 2007Da74621 Decided July 10, 2008, etc.). 2. Reviewing the reasoning of the lower judgment and the record reveals the following facts.

On August 1, 2007, the Plaintiff invested KRW 500 million in C Co., Ltd. (hereinafter referred to as “C”), and B, the representative director of C, guaranteed the obligation to return the investment amount when the said investment contract is terminated, and the Plaintiff terminated the said investment contract on the grounds of the violation of C’s investment agreement around January 2009.

B. B borrowed KRW 500,000 from the Defendant on April 21, 2010, and on the same day, on the same day, set up the first collateral with the maximum debt amount of KRW 300,000 with respect to the instant real estate as indicated in the lower judgment, and granted C’s shares (ordinary shares and face value of KRW 500,000) to the Defendant on April 22, 2010.

B deposited KRW 500 million borrowed from the Defendant as C’s share payment.

C. At the time of acquiring the instant real estate, the transaction value reported by B is KRW 750 million, and when the Defendant establishes the first mortgage, prior priority was established on the said real estate in the future of the national bank with the maximum debt amount of KRW 4550 million. However, upon B’s request to change the lending financial institution, the Defendant cancelled the first priority registration on August 16, 2010, and then, upon cancelling the prior priority registration of the national bank, the establishment registration of the first priority over the maximum debt amount of the national bank was over KRW 455 million in the future.