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1. The Defendant’s KRW 523,945,676 for the Plaintiff and 5% per annum from March 17, 2017 to October 15, 2019 for the Plaintiff.
Reasons
1. Indication of claim;
A. On March 17, 2016, the Plaintiff lent KRW 560 million to the Defendant for one year (on March 16, 2017, the final due date) and set the total interest of KRW 150 million for one year. The Defendant paid to the Plaintiff the principal amount of KRW 710 million (=the principal amount of KRW 560 million KRW 150 million) on July 31, 2016; KRW 17 million on September 15, 2016; KRW 12 million on October 15, 2016; KRW 160 million on February 15, 2017; KRW 300 million on the remainder of the repayment date; and KRW 300 million on the remainder of the repayment date.
B. However, the Plaintiff received only KRW 176,054,324 during the loan period from the Defendant, but did not receive the remainder of KRW 533,945,676.
C. Therefore, the Defendant is obligated to pay to the Plaintiff the amount of KRW 533,945,676, which is due and payable to the Plaintiff, 5% per annum under the Civil Act from March 17, 2017 to the delivery date of the original copy of the instant payment order, and 12% per annum under the Act on Special Cases Concerning Expedition, etc. of Legal Proceedings from the next day to the day of full payment.
2. Judgment by public notice of applicable provisions of Acts (Article 208 (3) 3 of the Civil Procedure Act);
3. Part concerning partial dismissal
A. According to Article 2(1) of the Interest Limitation Act and Article 2(1) of the former Interest Limitation Act (wholly amended by Presidential Decree No. 28413, Nov. 7, 2017), the maximum interest rate under the contract on lending and borrowing of money is 25% per annum, and the exceeding part is null and void.
B. However, under the Interest Limitation Act for one year on the loan principal of this case, the highest interest rate of KRW 140 million is KRW 560 million (=560 million x 25%). Thus, the part of the loan amount of KRW 150 million between the Plaintiff and the Defendant’s agreement is null and void. Ultimately, the loan amount of KRW 523,945 and 676, which the Defendant failed to pay to the Plaintiff (i.e., the principal amount of KRW 560 million - the principal amount of KRW 140 million - the repayment amount of KRW 176,054,324).
C. Therefore, 523,945,676 won among the Plaintiff’s claims.