An Illinois bank is seeking more than $75,000 from a Wabash County man over a home equity secured open-end credit line.
Allied First Bank claims Matthew R. Chenault applied for the credit line on Nov. 17, 2005, and received an initial advance on the line of $75,000.
Allied exercised its rights to accelerate the time for payment of the entire balance of the credit line, but Chenault has refused to pay, according to the complaint filed April 6 in Madison County Circuit Court.
“That there remains a balance due and owing to Plaintiff the sum of $74,961.78 plus accrued interest at the rate of 7.25% per annum through March 23, 2009, in the amount of $4,303.12, for a total amount due of $79,264.90,” the suit states.
In addition to the balance due, Allied is seeking $350 in attorneys’ fees, plus court costs.
Lawyers from Weltman, Weinberg and Reis Co. in Chicago will be representing the bank.
Madison County Circuit Court case number: 09-L-351.
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