1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. The parties' assertion

A. The Plaintiff loaned 120 million won to the Defendant several times from September 3, 2001 to September 3, 2003 at the interest rate of 12% per annum. Since the Defendant repaid to the Plaintiff the amount of KRW 85 million out of the principal of the above loan, the Defendant is obliged to pay the remainder of the loan amount of KRW 35 million and delay damages to the Plaintiff.

B. The Plaintiff’s claim on the loan was finally repaid by the Defendant, and the period of extinctive prescription has expired from September 29, 2010 to September 29, 2010, prior to the filing of the instant lawsuit.

2. Claims arising from both parties to the judgment as well as claims arising from acts falling under commercial activities are subject to the extinctive prescription period of five years as stipulated in Article 64 of the Commercial Act. Such commercial activities include not only the basic commercial activities falling under any of the subparagraphs of Article 46 of the Commercial Act but also ancillary commercial activities carried on by merchants for business purposes. It is presumed that a merchant's act is deemed as a commercial activity but also an act of merchants for business purposes (see, e.g., Supreme Court Decision 2002Da6760, 677, Sept. 24, 2002). In light of the above legal principles, if there is no dispute between the parties, or if the argument in the statement in Gap 1 through 4 added the purport of pleading to the statement in the statement in Gap 1 through 4, the plaintiff appears to be valid since the period of extinctive prescription period of loans extended to the defendant from September 3, 200 to September 3, 2003 to the private teaching institute.

However, on September 29, 2010, the Defendant paid the Plaintiff KRW 5 million as repayment for the above loan.