Brick Kiln Loans: Court Orders Repayment of 276,492 Yuan Principal and Interest

A court in eastern China has ordered a couple and their co-borrower to repay a total of 276,492 yuan in principal and interest on three separate loans taken over two years for a brick kiln operation.

Mr. Zhao and Ms. Liu, a married couple, operated a brick kiln. Between 2007 and 2009, they borrowed from their friend Ms. Zhou in three installments. On November 2, 2007, they borrowed 30,000 yuan at 1.2 per mille monthly interest. On November 7, 2008, Mr. Zhao borrowed 60,000 yuan at 1.2 percent monthly interest. On January 9, 2009, both borrowed 95,000 yuan at 2 percent monthly interest.

The total principal amounted to 185,000 yuan. Interest accrued as follows: 1,692 yuan on the first loan, 25,200 yuan on the second, and 64,600 yuan on the third.

Despite repeated demands, the defendants refused to repay. Ms. Zhou sued in October 2011. Neither defendant appeared at the February 2012 hearing.

The court upheld the loans and ordered Mr. Zhao and Ms. Liu jointly to repay 125,000 yuan principal plus 66,292 yuan interest, totaling 191,292 yuan. Mr. Zhao alone was ordered to repay 60,000 yuan principal plus 25,200 yuan interest, totaling 85,200 yuan. The combined judgment was 276,492 yuan.

The case acceptance fee of 5,676 yuan was split: 5,447 yuan against the defendants and 229 yuan against the plaintiff.

Disclaimer: This article is for informational purposes only and does not constitute legal advice.