1. The Defendants are jointly and severally and severally liable to the Plaintiff KRW 244,594,521 as well as five per annum from March 9, 2016 to August 22, 2016.

1. Basic facts

A. On March 25, 2013, the Plaintiff loaned the instant loan to Defendant B by setting the amount of KRW 300 million, interest rate of KRW 2% per annum, and due date of repayment as of March 24, 2013 (hereinafter “instant loan”). On April 5, 2013, in order to secure the instant loan, the Plaintiff completed the registration of the establishment of a neighboring mortgage with regard to the instant land owned by the Defendant B, Defendant B, and the mortgagee as the Plaintiff.

B. In relation to the above loan obligations on August 13, 2015, the Defendants: (a) Defendant B was an obligor; and (b) Defendant C, as a joint and several surety, prepared and sent to the Plaintiff a payment note with the following content (hereinafter “instant payment note”).

No. : As to the refund of the borrowed amount, Defendant B borrowed KRW 30 million to the Plaintiff on March 25, 2013, partially repaid KRW 50 million until April 30, 2014, and written notes that the remainder of KRW 250 million shall be repaid until March 31, 2017, and the Plaintiff shall be paid interest equivalent to 5.2% per annum by the due date of the promised repayment until March 31, 2017. If the borrowed amount (2.50 million won) is not repaid by March 31, 2016, Defendant B agrees to pay the Plaintiff interest equivalent to 5.2% per annum by the due date of the promised repayment. If the borrowed amount (2.50 million won) is not repaid by March 31, 2016, by taking any legal (civil and criminal measures against the Defendants’ property, we will not raise any absolute objection and will accept any damage therefrom.

Provided, That the time of failure to repay by March 31, 2017 ought to be extended by one year. 【The fact that there is no dispute over the grounds for recognition, the entries in Gap evidence 2 through 6, and the purport of the whole pleadings.

2. Determination

A. The Plaintiff asserts that the period of repayment of the instant loan extended on March 31, 2016, but the Defendants decided to extend the period of repayment to March 31, 2017 when establishing a collateral security right for the instant loan obligation. However, the Defendants did not set up the said collateral security right. As such, the Plaintiff asserted that the period of repayment of the instant loan arrived on March 31, 2016.

As to this, the Defendants are the case.