A. On November 11, 2015, the Defendant issued, as the Plaintiff, a promissory note with the face value of KRW 100 million at the face value, the due date, February 18, 2016, and the sale and purchase branch of the Gyeongnam Bank, the place of payment, the place of issuance, and the place of issuance, with the movement of the Jinhae-si (hereinafter “instant Promissory note”).

B. On January 18, 2016, the date for the payment, the Plaintiff presented the instant bill to the branch office of the sale bank in Yong-Nam Bank, but refused payment.

[Grounds for recognition] The descriptions of evidence Nos. 1 and 2, and the purport of the whole pleadings

2. Determination

A. According to the facts of the determination as to the cause of the claim, the Defendant, as the issuer, is obligated to pay as the issuer the Plaintiff the amount of KRW 100 million and the damages for delay calculated at the rate of 15% per annum from March 1, 2016 to the date of full payment, as claimed by the Plaintiff, from March 1, 2016 to the date of delivery of a copy of the complaint of this case.

B. As to the Defendant’s assertion, the Defendant lent the Promissory Notes to C in proportion to the representative of the B Co., Ltd. (hereinafter “B”), and the Company B agreed to pay the amount of the Promissory Notes at the due date. Thus, the Defendant is obligated to pay the amount of the Promissory Notes.

(2) According to the purport of the Plaintiff’s evidence No. 1 and the entire pleadings, D’s representative director, around November 11, 2015, agreed to pay KRW 100,000 to the Defendant the amount of KRW 100,000 to the Defendant on February 10, 2016, the maturity date, and the Defendant’s issuance of the Promissory Notes to the Plaintiff on January 11, 2015.

However, according to Articles 77(1)1 and 17 of the Bills of Exchange and Promissory Notes Act, human defenses that can be asserted only between direct parties to a transaction cannot be asserted against persons other than direct parties to a transaction. This is not affected by the absence of cause relations, invalidation, and cancellation in order to secure the avoidance and circulation of a bill.