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. Determination as to the cause of claim

A. (1) On June 5, 2015, the Plaintiff: (a) loaned KRW 36,00,000 at the interest rate of KRW 10.8% per annum; (b) 24% per annum; (c) 36 months during the lending period; and (d) on the condition that the principal and interest per month in the repayment method be repaid in equal installments (hereinafter “instant loan”); and (b) the limited company B (hereinafter “B”) and the Defendant jointly and severally guaranteed the instant debt A.

(2) As of February 22, 2016, the balance of the principal and interest of this case as of February 22, 2016 is KRW 32,128,305 (= Principal KRW 30,776,577, interest, etc.).

[Ground of recognition] Each entry of Gap evidence Nos. 1 through 7 (including branch numbers; hereinafter the same shall apply) and the purport of the whole pleading

B. According to the above facts of determination, as joint and several surety A and B, the Defendant is jointly and severally liable to pay the Plaintiff 32,128,305 won of the principal and interest of this case and 30,776,577 won of the principal among them, to the Plaintiff at the rate of 24% per annum, which is the overdue interest rate from February 23, 2016 to the date of full payment, unless there are special circumstances.

2. Judgment on the defendant's defense

A. According to Article 8(1) of the Special Act on the Protection of Suretys (hereinafter “Surety Protection Act”), a financial institution should present to the guarantor credit information related to the debtor’s obligations and obtain the name and seal or signature of the guarantor in writing when concluding a guarantee agreement.

As the Plaintiff did not implement these procedures at the time of the instant joint and several sureties Agreement, the instant joint and several sureties Agreement is null and void.

(2) However, according to the evidence No. 12, the Plaintiff presented the credit information related to A’s obligation to the Defendant, which is the obligor, around June 5, 2015, and then received the Defendant’s name and seal.