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1. Of the judgment of the court of first instance, the part against the plaintiff corresponding to the money ordered to be paid below shall be revoked.
Reasons
1. The plaintiff asserts that C is obligated to pay the above eight million won to the plaintiff, since C borrowed eight million won from the plaintiff and the defendant guaranteed C's loan obligation.
Comprehensively taking account of the overall purport of the pleadings as to the statement No. 1, C may be acknowledged that, on April 4, 2011, the Plaintiff borrowed KRW 8 million from the Plaintiff until May 4, 2011, and the Defendant prepared a loan certificate with the content of guaranteeing the above loan obligation. On the same day, the Plaintiff paid KRW 7,40,000,000 after deducting KRW 960,000 from the pre-paid interest.
However, according to Article 3 of the former Interest Limitation Act (amended by Act No. 10925, Jul. 25, 2011); where a prior deduction of interest was made, the deduction amount shall be the principal of the amount actually received by the debtor; and where the amount exceeds the amount calculated at the rate of 30% per annum, which is the highest interest rate prescribed in Article 2(1) of the same Act and Article 2(1) of the Interest Limitation Act (amended by Presidential Decree No. 20118, Jun. 11, 2014), the excess amount shall be deemed as the principal. The amount calculated at the highest interest rate of 7,40,00 won, which is the actual amount received by C, shall be deemed as the principal (76,00 won x 70,00 won per annum x 30% per annum ± 12 months per annum). Thus, it is reasonable to see that the Plaintiff’s amount exceeding the above KRW 176,70,700,00 won per annum
Therefore, barring any special circumstance, the Defendant, as C’s surety, is obligated to pay the principal amount of KRW 7,276,00 (=8 million - 724,000) calculated by deducting KRW 724,00 as above from the principal amount of KRW 8 million borrowed by C from the Plaintiff by the principal obligor C, and the delay damages therefrom.
2. Judgment on the defendant's defense
A. The defendant asserts that since the principal obligor C fully pays the above eight million won to the plaintiff, the defendant's guaranteed liability also disappeared.