The judgment of the first instance shall be modified as follows:

On December 15, 1998 and May 12, 2001 between the plaintiff and the defendant.

1. Basic facts

A. 1) On December 15, 1998, the Defendant entered into a credit guarantee agreement and changed as above to B Co., Ltd. (the first company was C Co., Ltd.).

hereinafter referred to as “B”

(2) On May 12, 2001, the Defendant entered into a credit guarantee agreement with B to guarantee the principal and interest of the industrial foundation fund of the Bank of Korea as KRW 30,000,000,000, and the term of guarantee on September 25, 2006. The period of guarantee under the above credit guarantee agreement was 30,000,000 from the Industrial Bank of Korea on December 15, 1998. (2) On May 12, 2001, the Defendant entered into a credit guarantee agreement with B and B to guarantee the repayment of the principal and interest of the small and medium enterprise fund of the Bank of Korea as the principal guaranteed, KRW 18,00,000,000 as well as KRW 20,00,000 from the Industrial Bank of Korea as security, and thereafter the term of guarantee under the above credit guarantee agreement was modified to May 11, 203.

3) On December 15, 1998 and May 12, 2001, the Plaintiff jointly and severally guaranteed all obligations owed by B to the Defendant under the aforementioned credit guarantee agreement (hereinafter “each joint and several obligation of this case”).

2) On December 22, 2002, B, when a credit guarantee accident occurred, B lost the interest due to the principal delay. On January 20, 2003, the Industrial Bank of Korea notified the Defendant of the occurrence of a credit guarantee accident and requested the performance of the guaranteed obligation, and the Defendant subrogated to the Industrial Bank of Korea for KRW 49,758,493 of the principal and interest of B to the Seoul Central District Court on June 17, 2003. (C) The Defendant filed a lawsuit against B and the Plaintiff on May 12, 2004, and the above court rendered a judgment on August 25, 2004 to the effect that “the Plaintiff and B jointly and severally notify the Defendant of the occurrence of the credit guarantee accident, and payment of damages for delay was made (the above court's decision 2004Ga14786,443, and the above decision became final and conclusive on June 16, 2004).

2. The defendant.