A. On September 5, 2014, the Defendant loaned KRW 140,000,00 to the Plaintiffs (hereinafter “instant loan”) and received KRW 200,00,000,000 in total as interest per two months after two months thereafter.

B. On September 19, 2014, the Plaintiffs, with respect to the instant loans, drafted and issued a notarial deed on promissory notes (No. 117, 2014, hereinafter “instant notarial deed”) issued by a notary public to the Defendant on September 19, 2014, with respect to the issuer, payee, face value 200,000,000 won, issue date, September 5, 2014, and November 4, 2014.

C. The Plaintiffs wired each amount to the Defendant from November 4, 2014 to February 4, 2015, as indicated in the calculation table of the amount of each repayment in attached Form, such as the interest and principal of the instant loan.

[Ground of recognition] Facts without dispute, Gap evidence Nos. 3, 4, 7, 8, 9, 10, and the purport of the whole pleadings

2. If the Plaintiffs, as indicated in the separate sheet of calculation of the amount appropriated, appropriated the amount paid from November 4, 2014 to February 4, 2015 to the Defendant by 25%, which is the highest interest rate under the Interest Limitation Act, to the interest and principal of the instant loan, the instant loan is fully repaid and the obligation to be repaid remains. Therefore, compulsory execution based on the instant notarial deed ought to be rejected.

3. Determination

A. According to Article 2(1), (3), and (4) of the Interest Limitation Act, the maximum interest rate for lending and borrowing of money is 25% per annum, and the portion above the above maximum interest rate as contractual interest is null and void. If the debtor voluntarily pays the interest exceeding the above maximum interest rate, the amount equivalent to the excess interest paid shall be appropriated for the principal.

On September 5, 2014, the Defendant lent KRW 140,000,00 to the Plaintiff on September 5, 2014 is as seen earlier, and the number of lending days (61 days) by the rate of 25% per annum, which is the maximum interest rate of KRW 140,000,000 under the Interest Limitation Act.