A. The Plaintiff is the management institution of the Korea Agriculture and Forestry Credit Guarantee Fund established with the aim of facilitating the funding necessary for agriculture and fisheries business by guaranteeing the credit of farmers and fishermen who lack security capability under the Act on the Credit Guarantee for Farmers and Fishermen, and thereby contributing to the balanced development of the rural economy.

B. On February 20, 2004, the Plaintiff entered into a credit guarantee agreement between the Defendant and the Defendant, setting the credit guarantee principal of 23 million won and the guarantee period from February 20, 2004 to February 20, 2005, with respect to the business of receiving a loan from the U.S. NA branch.

The Defendant agreed to pay the amount of subrogation to the Plaintiff, damages for delay, penalty, guarantee fee, administrative fine, and legal procedure cost according to the interest rate determined by the Plaintiff when the Plaintiff performs the guaranteed obligation.

C. On February 20, 2004, the Defendant borrowed 23 million won at the interest rate of 8.9% per annum, February 20, 2005, and at the interest rate of delay rate of 14.9% per annum.

The defendant did not pay interest on the above loan and lost the benefit of time.

On February 27, 2006, the Plaintiff repaid KRW 25,319,355 on behalf of the Plaintiff at the Donsan Donmun branch.

E. As of October 12, 2015, the Plaintiff’s amount of indemnity against the Defendant is 25,319,355 won, penalty 122,728 won, penalty 182 won, guarantee fee 189 won, penalty 34,422,529 won, and penalty 59,864,983 won.

[Reasons for Recognition] Each entry of Gap evidence Nos. 1 through 5, the purport of the whole pleadings

2. The assertion and judgment

A. According to the facts based on the determination as to the cause of the claim, the Defendant is obligated to pay the Plaintiff the amount of indemnity for the performance of the Plaintiff’s guaranteed obligation, such as the amount of subrogation.

B. 1) The Defendant asserts that the Plaintiff’s claim for reimbursement has expired by prescription. 2) Commercial activities are acts as stipulated in each subparagraph of Article 46 of the Commercial Act for profit-making purposes.