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1. The Defendant shall pay to the Plaintiff KRW 92,711,966 and the interest rate of KRW 25% per annum from October 12, 2017 to the date of full payment.
Reasons
1. Facts of recognition;
A. On December 21, 2016, the Plaintiff: (a) lent KRW 100,00,000 to the Defendant; (b) was drafted and issued a certificate of loan stating that if the repayment of the principal and interest is delayed, the Plaintiff shall pay the delayed losses at the interest rate of 24% per annum, in addition to the delayed losses at the interest rate of 24% per annum, from February 21, 2017 to the end of February 2017, and as from February 2017.
B. The Defendant paid to the Plaintiff KRW 24,00,000,000, in eight times from February 28, 2017 to October 11, 2017, as indicated in the completion date of the following table period.
[Grounds for recognition] The items of evidence Nos. 1 and 2, and the purport of the whole pleadings.
2. Judgment on the plaintiff's assertion
A. The Plaintiff’s assertion shall pay to the Plaintiff the interest rate of KRW 100,00,00 and KRW 24% per annum pursuant to the above loan certificate plus the amount of delayed loss of KRW 3,043,397 on October 31, 2017, plus the annual interest rate of KRW 2,200,000, and KRW 105,243,397, and KRW 100,000 with interest rate of KRW 36% per annum from October 1, 2017 to the date of complete payment.
B. Determination 1) According to Article 2(1), (3), and (4) of the Interest Limitation Act and Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 28413, Nov. 7, 2017), the maximum interest rate under a contract for lending and borrowing money is 25% per annum, and the portion exceeding the maximum interest rate under a contract interest is null and void, and where an agreement is made by adding losses incurred to the previous borrowed principal, the creditor’s receipt in relation to the lending and lending of money regardless of the name under Article 4 of the Interest Limitation Act shall be deemed as interest if the agreement was made within the scope exceeding the maximum interest rate under the Interest Limitation Act. Accordingly, it is reasonable to view that the agreement is null and void, based on this, the Defendant calculated the amount to be repaid by the Plaintiff as follows. 2) The Defendant is the last date of payment by borrowing KRW 100 million from the Plaintiff as follows: