1. Of the judgment of the court of first instance, the part against the plaintiff corresponding to the subsequent order of payment shall be revoked.

In full view of the purport of the entire pleadings as to the determination of the claim against Defendant B, the Plaintiff loaned KRW 2,00,000 to Defendant B on January 24, 201, with interest rate of KRW 3% on February 24, 2011 (hereinafter “instant loan”), and the Plaintiff paid KRW 1,940,000 after deducting KRW 60,00 from the prior interest rate of KRW 1,940,00 at the time of the instant loan.

Judgment

According to Article 2(1), (3), and (4), and Article 3 of the former Interest Limitation Act (amended by Act No. 1227, Jan. 14, 2014; hereinafter the same) and Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 25376, Jun. 11, 2014; hereinafter the same), the maximum interest rate on cash lending contract is 30% per annum; the contractual interest exceeding the above maximum interest rate is null and void; where the obligor voluntarily pays the interest exceeding the above maximum interest rate, the amount equivalent to the excess interest paid shall be appropriated for the principal; where the amount deducted from the advance interest rate exceeds the amount calculated according to the above maximum interest rate, the excess portion shall be deemed appropriated for the principal (see Supreme Court Decision 2012Da55198, Oct. 11, 2012; 2010Da14141, Feb. 14, 2012).

51,024 won corresponding to the 32-day interest calculated at the rate of 30% per annum, which is the maximum interest rate stipulated in the former Interest Limitation Act, for KRW 1,940,000 that the Plaintiff actually received in accordance with the above legal doctrine = 1,940,000.