A. On January 22, 2016, C, who is the Plaintiff, borrowed KRW 100 million from the issuer of C, D, and E on the same day for payment, issued one promissory note with the Defendant’s face value of KRW 130 million on February 22, 2016, the place of issuance, payment, and place of payment, respectively. A notary public, as a law firm Multilateral Certificate No. 106, 2016, issued a notarized deed recognizing that the said bill should be immediately enforced (hereinafter “first authentic deed”).

B. On February 18, 2016, the Plaintiff: (a) borrowed KRW 100 million from the Defendant as of March 18, 2016 on the date of payment (hereinafter “the instant loan”); (b) on the same day, the Plaintiff issued to the Defendant a promissory note with the maturity of KRW 130 million; (c) the due date of payment as of March 18, 2016; and (d) a notary public drafted a notarial deed (hereinafter “notarial deed of this case”) recognizing that the said bill will be immediately enforced as of March 210, 2016.

[Reasons for Recognition] Facts without a partial dispute, Gap evidence 1, 2, Gap evidence 5-1 and 2, the purport of the whole pleadings

2. The allegations and judgment of the parties

A. (1) The Plaintiff’s assertion (1) that the Plaintiff paid to the Defendant the amount exceeding the interest rate of 25% per annum under the Act on the Limitation of Principal and Interest. Therefore, compulsory execution based on the Notarial Deed of this case shall not be permitted.

(2) In addition to the amount borrowed by the Plaintiff from the Defendant, the Plaintiff’s punishment borrowed KRW 100 million from the Defendant on January 22, 2016, and even if the amount, which the Defendant acknowledged as being paid out of the principal, is only KRW 12 million, the amount is deemed to have been paid in full, since the amount exceeds the interest rate of KRW 25 million calculated at the rate of 25% per annum under the Interest Limitation Act on the aggregate of KRW 200 million loaned by the Defendant, and the amount of the instant loan was in excess of the interest rate of KRW 25 million per annum.