1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. Facts of recognition;

A. On November 20, 2007, the Promotion Savings Bank Co., Ltd. (hereinafter “Promotion Savings Bank”) established the interest rate of KRW 400,000,000 with 13% per annum, and the delayed interest rate of KRW 400,00 with the rate set by the Promotion Savings Bank within the limit set by law and set at 25% per annum, and the defendant, the corporation B, C, and D jointly and severally guaranteed the A’s above loan obligation to the Promotion Savings Bank on the same day within the limit of KRW 560,00,000 per annum.

B. On January 11, 2010, the Promotion Savings Bank paid interest of KRW 1,417,60,000 per annum to A, and the rate of delay interest shall be 25% per annum determined by the Promotion Savings Bank within the limits set by law, but shall be 25% per annum and due date set on March 14, 201. The Defendant, Company B, C, and D provided joint and several surety for the Promotion Savings Bank within the limit of KRW 1,985,00,000 with respect to A’s above loan obligations to the Promotion Savings Bank on the same day.

C. A delays the repayment of interest on each of the above loans and loses the benefit of time on November 14, 2010, the Defendant asserts that according to the proviso of Article 7(2) of the General Terms and Conditions for Credit Transactions by Mutual Savings Bank, “The Savings Bank shall notify the obligor of the fact that it delayed the performance of the following obligations and that the benefit of time would be lost by no later than three business days prior to the date of loss of the benefit of time, and if it fails to notify by not later than three business days prior to the date of loss of the benefit of time, the obligor shall lose the benefit of time at the expiration of three business days after the date of actual delivery of the notice and shall not be obliged to repay (or perform) immediately.” However, the Promotion Savings Bank argues to the effect that “Notice on Loss of the Benefit of Time” made by the Promotion Savings Bank to A does not have been properly delivered to the principal obligor and eventually, A does not lose

In full view of the records in Gap evidence No. 12, the Promotion Savings Bank shall pay the above loans to A on July 20, 2010, taking into account the overall purport of the pleadings.