The judgment of the court below is reversed, and the case is remanded to the Seoul Central District Court Panel Division.

The grounds of appeal are examined.

1. Prior to the amendment by Act No. 10925 of July 25, 2011, the former Interest Limitation Act

(a) The same shall apply;

(1) According to Article 2(1), (3), and (4) of the former Interest Limitation Act and Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 25376, Jun. 11, 2014); according to the reasoning of the lower judgment and the record, the Defendant agreed to pay to the Plaintiff KRW 30,000,000,000,000,000,000,000,000 to the Plaintiff, in total, to the Plaintiff as a contractual interest at a rate of 30% per annum; where the debtor voluntarily paid the interest exceeding the maximum interest rate, the amount equivalent to the interest paid in excess shall be appropriated for the principal; and even if a quasi-loan contract or light loan contract is concluded on the amount equivalent to the interest paid in excess, the portion shall not become effective (see, e.g., Supreme Court Decisions 98Da17046, Oct. 13, 198; 2012Da81203, Feb. 14, 2008.

A. From March 2, 2008 to the date of the instant agreement, the Defendant remitted to the Plaintiff KRW 39,960,000 in total with interest and delay damages on KRW 50 million that the Defendant received from the Plaintiff over several times from the date of the instant agreement. The Defendant confirmed through the instant agreement that the principal that was not paid to the Plaintiff at the time of January 31, 2010 shall be paid in installments from March 18, 2010, and the Defendant determined to pay the interest and delay damages to the Plaintiff in installments.

Examining such factual relations in light of the legal principles as seen earlier, the Plaintiff calculated the amount of KRW 50 million from the Defendant at the rate of 4% per month exceeding 30% per annum, which is the highest interest rate prescribed by the former Interest Limitation Act, from March 2008.