A. On October 14, 2014, the Plaintiff: (a) issued a promissory note of KRW 226 million (hereinafter “instant promissory note”) to the Defendant, stating that “the Plaintiff, the Defendant, and the date of payment at sight, the place of issuance, and each place of payment,” and issued it to the Defendant; (b) on the same day, the Defendant and the notary public entrusted the preparation of a notarial deed to the law firm C to the effect that “if the Plaintiff delays the payment of the said note, he/she shall be deemed to have no objection thereto even if he/she is immediately subject to compulsory execution” (hereinafter “notarial deed of this case”).

B. On December 14, 2018, the Defendant applied for a compulsory auction on the instant notarial deed with the title of execution.

[Reasons for Recognition] Uncontentious Facts, Gap evidence 1, 2, Eul evidence 5, the purport of the whole pleadings

2. Determination

A. The plaintiff asserts that the decision on the cause of the claim should exclude the enforcement force since the bill bond of this case under the Notarial Deed has expired by prescription.

A promissory note payable at sight shall be presented for payment within one year from the date of issuance, and the time presented for payment shall be the maturity (Articles 77(1)2 and 34(1) of the Bills of Exchange and Promissory Notes Act), and if no lawful payment is presented within one year, the extinctive prescription of the obligations of the Promissory Notes shall run from the maturity on the last day of the given period after the maturity.

(See Supreme Court Decision 2007Da40352 Decided November 15, 2007). In addition, a claim on a promissory note against the issuer shall expire if it is not exercised within three years from the maturity date (Articles 77(1)8, 78(1), and 70(1) of the Bills of Exchange and Promissory Notes Act). This case shall be examined, and the issue date of the Promissory Notes shall be October 14, 2014, and the due date shall be written at sight as seen earlier, and the Defendant shall be within one year from the date of the said issuance.