1. The Defendants shall jointly and severally pay to the Plaintiff KRW 42,431,506 and the interest rate thereon from January 28, 2017 to the date of full payment.

Comprehensively taking account of the entries and the purport of the entire arguments as to No. 1, Defendant B borrowed KRW 50 million from the Plaintiff on November 18, 2016 and agreed to repay the principal and interest of KRW 75 million up to December 30, 2016, and Defendant C jointly and severally guaranteed Defendant B’s obligation. The Plaintiff received reimbursement of KRW 10 million from the Defendants on January 27, 2017.

According to the above facts, the Defendants are jointly and severally liable to pay the Plaintiff the unpaid loan and interest thereon.

However, the part exceeding 25% per annum of the above interest agreement is null and void (see, e.g., Article 2(3) and (1) of the Interest Limitation Act; Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 28413, Nov. 7, 2017); where the Defendants arbitrarily paid the interest exceeding the above maximum interest rate, the amount equivalent to the interest paid in excess is appropriated for the principal (see, e.g., Supreme Court Decision 2012Da81203, Feb. 14, 2013). As such, where the Defendants paid the interest exceeding the above maximum interest rate, the amount equivalent to the interest paid in excess shall be appropriated for the principal (see, e.g., Supreme Court Decision 2012Da81203, Nov. 18, 2016; 200,000 won paid by the Defendants from January 27, 2017 to January 7, 2017).

Therefore, the Defendants are jointly and severally liable to pay the Plaintiff the principal amounting to KRW 42,431,506 (= KRW 50 million – KRW 7,568,494) and interest calculated at the rate of 25% per annum from January 28, 2017 to the date of full payment.

Therefore, since the plaintiff's claim against the defendants is well-grounded within the scope of the above recognition, it is partially accepted, and it is so decided as per Disposition by applying the main text of Article 101 and Article 213 of the Civil Procedure Act to the burden of litigation costs and the declaration