An insurance company claims it has been forced to incur losses of more than $100,000 after a man defaulted on a loan.
Christopher N. Brown and Clay M. Weiser borrowed $325,000 on Nov. 8, 2007, from Community First Bank. The loan was later modified on Oct. 8, 2009, according to the complaint filed Dec. 16 in Madison County Circuit Court. Community First then sold the note to plaintiff Investors Title Insurance Company on Oct. 31, the suit states.
Since then, Brown and Weiser defaulted on the note, the complaint says.
Brown, who is listed as the only defendant, agreed to pay all costs associated with the note, but has not done so, Investors claims.
“As a direct and proximate result of Brown’s aforementioned default and breach of the note and the terms thereof, Investors has been damaged in the principal amount of $112,971.97, plus accumulated interest in the amount of $36,861.68 as of September 25, 2013, late charges in the amount of $955.60 as of September 25, 2013, plus additional accumulated interest, late fees and charges,” the suit states.
In addition to the money it claims it is owed, Investors is seeking attorneys’ fees and other relief the court deems just.
It will be represented by William L. Sauerwein and Sarah E. Holdener of Sauerwein, Simon and Hein in St. Louis will be representing it.
Madison County Circuit Court case number: 13-L-2106.