The Defendants jointly and severally pay to the Plaintiff KRW 109,676,371 as well as KRW 39,628,073 as from April 8, 2020.

1. Basic facts

A. On January 28, 2014, the LAF borrowed a loan of KRW 13.9% per annum at the overdue interest rate of KRW 100 million to G Co., Ltd. (hereinafter “G”), and the loan period of KRW 48 months. February 14, 2014 at the overdue interest rate of KRW 12.9% per annum and the loan period of KRW 48 months.

Defendant E jointly and severally guaranteed each of the above loans obligations of Defendant G.

B. On October 22, 2015, G changed its organization to Defendant D’s organization (hereinafter “Defendant D organization”) and dissolved.

C. On December 17, 2019, the LAF transferred each of the above claims against the Defendants to the Plaintiff. On January 16, 2020, the LAF notified the Defendants of the assignment of claims.

As of April 7, 2020, the sum of principal and interest of each of the above principal and interest of loans as of April 7, 2020 KRW 109,676,371, among them, the principal of loans as of January 28, 2014 KRW 39,628,073, and the principal of loans as of February 14, 2014 are KRW 41,402,508.

[Ground of recognition] Facts without dispute, entry of Gap 1 to 5 evidence, purport of the whole pleadings

2. The assertion and judgment

A. According to the above facts, the Defendants are jointly and severally liable to pay to the Plaintiff the agreed interest rate of KRW 109,676,371 in total and KRW 39,628,073 of the loan principal of January 28, 2014, with interest rate of KRW 13.9% per annum from April 8, 2020 to the date of full payment. 41,402,508 of the loan principal of KRW 41,402,50 per annum from February 14, 2014 to the date of full payment.

B. As to this, the Defendants asserted that, at the time of the change from G to Defendant D’s organization, the responsibility of Defendant D organization was extinguished, and accordingly, Defendant E’s liability, a joint and several surety, was extinguished.

However, according to Article 60-2 (1) of the Framework Act on Cooperatives, a stock company may change its organization to a cooperative under the above Act, but in this case, the existing stock company and the cooperative whose organization has been changed is regarded as the same corporation in relation to the rights and obligations. Therefore, the defendant D organization is the plaintiff's above loan obligations.