The value of membership of golf courses in Korea has continually increased - up to over 18 trillion won. However, there has been nearly no transaction of memberships due to the recent long-term crisis in the membership market. Mostly, golf memberships were for purchased for the use of the golf course and for investment but the membership system-based golf courses who are confronted with the unsold memberships and the return period of memberships because of the international financial crisis and domestic economic recession are going through a bankruptcy crisis. There are around 19 golf courses that have been placed in receivership as of 2013 and there will be more golf courses in receivership if this critical situation continues. As there are more and more golf courses who apply for business rehabilitation, the protection of rights and interests of persons who hold golf memberships has become an important task. The regulations with regard to the protection of membership including the succession of facilities such as athletic facilities are specified in Article 18 of The Protection of Members of ⌜The Installation and Utilization of Sports Facilities Act⌟ and Article 27 in the same act. However, there has been a case in which the regulation for membership protection was excluded in the corporate rehabilitation process in accordance with ⌜The Debtor Rehabilitation and Bankruptcy Act⌟ for the first time. In this case, problems related to the protection of rights of the membership holders arose due to the different views in the interpretation of ⌜The Installation and Utilization of Sports Facilities Act⌟ and ⌜The Debtor Rehabilitation and Bankruptcy Act⌟. This study, based on the case analysis carried out on a T golf course, identified the legal issues relating to the infringement on rights and interests of golf membership operated based on the depository institution and provided plans to stabilize the business through a legal mechanism with regard to the exercise of ownership, protection measures for initiation fees and the increase in the credibility of business owners.