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1. The Defendant shall pay to the Plaintiff KRW 476,028,458 as well as 30% per annum from April 1, 2014 to the day of complete payment.
Reasons
1. Facts of recognition;
A. The Plaintiff lent a total of KRW 50 million to the Defendant as indicated in the following table.
B. From June 29, 2012 to March 28, 2014, the Plaintiff received a total of KRW 245 million from the Defendant.
C. Article 2(1) of the former Interest Limitation Act (amended by Act No. 1227, Jul. 15, 2014; hereinafter “former Interest Limitation Act”); Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 25376, Jun. 11, 2014; hereinafter “former Interest Limitation Act”) provides for the amount of interest paid by the Plaintiff to the principal exceeding the interest rate of 30% per annum under Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 25376, Jun. 11, 2014; hereinafter “the former Interest Limitation Act”).
[Ground for recognition] Unsatisfy
2. According to the above facts of determination, the Defendant is obligated to pay to the Plaintiff damages for delay calculated at the rate of 30% per annum, which is the maximum interest rate stipulated in Article 2(1) of the former Interest Limitation Act and Article 2(1) of the former Interest Limitation Act, within the scope of the agreed interest rate from April 1, 2014 to the date of full payment, which is the loan 476,028,458 won and the amount of repayment after the due date.
The defendant asserts that since the maximum interest rate under Article 2(1) of the Interest Limitation Act and Article 2(1) of the Interest Limitation Act, which was enforced from July 15, 2014, is 25% per annum, the defendant is liable to pay only damages for delay calculated at 25% per annum from July 15, 2014.
However, Article 2(1) of the Interest Limitation Act and Article 2(1) of the Interest Limitation Act apply from the first contract concluded or renewed after July 15, 2014, which was the enforcement date (Article 2 of the Addenda of the Interest Limitation Act and Article 2 of the Addenda of the Interest Limitation Act). Therefore, a loan for consumption between the Plaintiff and the Defendant made before July 15, 2014.