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| TITLE | Supreme Court Decision 2023Da266390 Decided November 16, 2023 【Cancellation of the Right to Collateral Security】 [full Text] |
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| Summary | |
| 【Main Issues and Holdings】 [1] Purpose of Article 8(2) of the former Act on Registration of Credit Business and Protection of Finance Users Where an amount as prepaid interest is deducted, the method of determining whether an amount as prepaid interest exceeds the limited interest rate specified in the above Act and where the amount overpaid in excess of the interest rate as a result of the above determination exists, the principal of loan that the debtor should repay during the period of repayment [2] Where the Plaintiff, alleging that the full amount of secured debts is repaid, claimed the performance of registration procedures for the cancellation of the registration of establishment of the right to collateral security, but the amount repaid is not enough to extinguish the full amount of debts due to disputes over the calculation of the principal and it is revealed that the residual debts still exist, whether the Plaintiff’s claim should be interpreted to be seen to the effect of demanding the cancellation of the above registration after the repayment of the residual debts determined (affirmative in principle), and, in such a case, whether the cancellation of the registration of establishment of the right to collateral security should be ordered under the condition of the repayment thereof after calculating and determining the amount of the residual principal and damages accruing from the delay of secured debts of the registration of establishment of the right to collateral security (affirmative) | |
