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1. The judgment of the first instance is revoked, and the plaintiffs' claims are dismissed.
2. Suwon District Court's Sungnam Branch 201.61
Reasons
1. The facts of the claim (1) around February 11, 2014, Plaintiff A borrowed KRW 130 million per annum from the Defendant (hereinafter “the primary loan”) and the Plaintiffs (which are married couples) issued respectively a promissory note of KRW 100 million per annum of KRW 30 million per annum of the issuer, issuance date, and one promissory note of KRW 100 million per 30 million per annum of the issuer in order to secure its payment (each at sight payment method), and a notary public, which recognizes compulsory execution based on each of the said promissory notes, accepted and delivered to the Defendant a notarized deed of KRW 62 of February 11, 2014 (notarial deed of KRW 100,000,000) and on February 2014, 2014, and on February 3, 2014 (300,000,000 won per notarial note as to each of the said promissory notes).
(A) The Plaintiff received a receipt for KRW 10 million and the receipt for KRW 30 million as well as the receipt for the said KRW 10 million in combination with each of the instant promissory notes. Although the receipt for KRW 100 million is indicated as “ KRW 9,000,000,000,000, the receipt for KRW 30 million is not indicated in the said form of monetary payment.” As to the first loan of this case, Article 2(1) of the former Interest Limitation Act [amended by Act No. 1227, Jan. 14, 2014] and Article 2(1) of the former Interest Limitation Act (amended by Presidential Decree No. 2537, Jun. 11, 2014) (amended by Presidential Decree No. 2537, Jun. 25, 2014) applies to the first loan of this case.
(2) On March 17, 2015, Plaintiff A paid interest of 48% per annum by the Defendant, and borrowed KRW 50 million per annum from the Defendant; hereinafter “instant secondary loan”).
(2) The Plaintiffs issued one copy of a promissory note with a face value of KRW 50 million at the face value of March 17, 2015 to secure the payment of the Plaintiffs, the Plaintiffs, and the date of issuance, (i.e., payment at sight).