(1) A person who has been subrogated to the rights of the obligee in accordance with the provisions of the preceding two Articles may exercise the claim and the right in respect to its security to the extent to which he or she may be reimbursed by virtue of his or her own right.
(2) The exercise of the right mentioned in the preceding paragraph shall be subject to the provisions of the following subparagraphs:
1. A surety cannot be subrogated to the rights of the obligee as against the third person who acquired of the right on an article which is the object of chonsegwon or mortgage unless the subrogation has been entered in advance into the registration of chonsegwon or the mortgage;
2. A third party purchaser cannot be subrogated to the rights of the obligee as against a surety;
3. One of the third party purchasers shall be subrogated to the rights of the obligee as against the other purchasers in proportion to the value of each immovable property;
4. The preceding subparagraph shall apply mutatis mutandis to the case where there are several persons who have furnished their own property as security for the obligation of another;
5. As between a person who has furnished his own property as security for the obligation of another and surety, they shall be subrogated to the rights of the obligee in proportion to their numbers; provided, there are several persons who have furnished their own property as security for the obligation of another, they shall be subrogated to the rights of the obligee in respect of the balance excluding the part incumbent upon the surety, and in proportion to the value of each property. If, in the case mentioned above the property is an immovable, the provisions of subparagraph 1 shall apply mutatis mutandis.