2. The Plaintiff sought payment of interest or delay damages on the above loan from April 18, 2014. However, as seen earlier, there was no agreement between the Defendant B and the lender on the interest and the due date. In the case of a loan for consumption for which the due date has not been determined, the lender shall demand the return of the loan with a reasonable period fixed (Article 603(2) of the Civil Act), and the borrower shall be liable for delay when the said period has elapsed without any implementation.

However, according to the above evidence, since the Plaintiff sent the certificate of content to Defendant B by setting the Plaintiff’s maturity on February 16, 2015 as the end of February 25, 2015, it is reasonable to deem that Defendant B is liable for delay from February 26, 2015, which is the day following the date on which the Plaintiff’s repayment period set when the Plaintiff notified, and Defendant B is liable for delay. Defendant B is liable to pay to the Plaintiff damages for delay calculated at each rate of 5% per annum (Civil Act) from February 26, 2015 to January 19, 2016, which is the date on which the judgment was rendered, and 15% per annum (Special Cases Concerning the Promotion, etc. of Legal Proceedings) from the next day to the date on which the Plaintiff fully repaid the obligation.

Since the provisions on statutory interest rate under the main sentence of Article 3(1) of the Act on Special Cases Concerning Expedition, etc. of Legal Proceedings were amended by Presidential Decree No. 26553, Oct. 1, 2015, the statutory interest rate under the main sentence of Article 3(1) of the same Act was reduced to 15% per annum. Thus, damages for delay incurred after October 1, 2015 shall be governed by the statutory interest rate of 15% per annum.