1. The Plaintiff (Counterclaim Defendant) paid KRW 99,964,268 to the Defendant (Counterclaim Plaintiff) and its related amount from November 25, 2013 to August 13, 2014.

Facts of recognition

A principal lawsuit and a counterclaim shall be deemed simultaneously.

The Plaintiff (Counterclaim Defendant; hereinafter “Plaintiff”) lent KRW 196,650,00 in total to the Defendant (Counterclaim Plaintiff; hereinafter “Defendant”) from February 2, 2008 to November 3, 2013, as shown in the attached Table, and the Defendant repaid KRW 264,890,310 in total to the Plaintiff from September 12, 2008 to July 22, 2013 as listed in the attached Table.

The Plaintiff and the Defendant settled the remaining loans of KRW 35,00,000 on March 30, 2013, and the Defendant agreed to repay the remaining loans to the Plaintiff (hereinafter “instant agreement”).

[Ground] A without dispute, Gap evidence 1-1, Gap evidence 3-3 through 14, 16, 17, 18, Eul-5 through 10, 12, 17, 20, and 21-3 through 14, 17, 5, 18, 5 through 10, 12, 17, 20, and 21, and a summary of the plaintiff's assertion of the purport of the whole argument between the plaintiff and the defendant is KRW 35,00,00. Thus, the defendant is obligated to repay to the plaintiff 35,41,000, which is remaining after calculating the subsequent loan and the repayment amount.

The summary of the Defendant’s assertion is that the instant agreement is null and void by an agreement on the part of interest exceeding the maximum interest rate prescribed by the Interest Limitation Act. Therefore, the Plaintiff’s claim cannot be complied with

Since the Defendant repaid to the Plaintiff KRW 283,522,00 from January 23, 2008 to November 20, 2012, the Plaintiff is obligated to return to the Defendant the remainder of KRW 247,103,230 exceeding the interest rate of KRW 36,418,70 per annum, which is the maximum interest rate prescribed by the Interest Limitation Act, from the above repayment amount.

Judgment

According to the facts of the principal suit, the Defendant is obligated to pay the Plaintiff a loan of KRW 35,000,000 according to the agreement of this case, except in extenuating circumstances.

However, the part which exceeds the limited interest rate under the former Interest Limitation Act (amended by Act No. 5507, Jan. 13, 1998) is null and void, and it exceeds the conclusion of a quasi-loan for consumption or a novation contract for excess interest.