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1. The Defendant: (a) KRW 110,00,000 for the Plaintiff and 5% per annum from March 25, 2016 to October 5, 2016; and (b) the Plaintiff.
Reasons
1. The Plaintiff borrowed KRW 200 million from the Defendant on March 7, 2008, and entered the loan amount as KRW 500 million on the letter of certification (B). The Plaintiff agreed to pay KRW 400 million up to March 10, 2009, and the remaining KRW 100 million up to December 30, 2009.
(2) On July 5, 2010, the Plaintiff repaid 450 million won to the Defendant.
[Ground of recognition] Facts without dispute, Gap 1, 2, Eul 1 and 2, the purport of the whole pleadings
2. Determination
A. (1) In a case where an agreement is made on the cause of a claim with a monetary loan agreement, if the interest rate was set significantly high, beyond the limit permitted by social norms, due to a difference in economic power between both parties, due to the difference in economic power, if the lender gains unjust gains by taking advantage of his superior position and the borrower bears an excessive benefit or any other unjust burden, such agreement on the interest exceeding the permissible limit is null and void as it is a juristic act with matters contrary to good morals and other social order. In a case where the lender has agreed on the interest rate exceeding the limits permitted by social norms, and the lender has received the said interest rate exceeding the reasonable limit, the portion of the interest paid shall be returned to the borrower as unjust gains.
(2) Article 2(1) of the former Interest Limitation Act (amended by Act No. 8322, Mar. 29, 2007; hereinafter the same shall apply) provides that “The maximum interest rate under the contract for monetary lending and lending shall be prescribed by Presidential Decree within the extent not exceeding 40% per annum,” and Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 20118, Jun. 28, 2017; hereinafter the same shall apply) provides that “The maximum interest rate under the contract for monetary lending and lending shall be prescribed by Presidential Decree within the extent not exceeding 40% per annum.”