Bank sues to recover unpaid promissory note
Citizens Community Bank has filed a breach of contract complaint against CHD Design Development and Clayton P. Hargrave, alleging they failed to make monthly payments on a promissory note.
Represented by Deborah J. Volmert of Hanna and Volmert in Belleville, Citizens claims CHD and Hargrave agreed to pay the $75,000 on a promissory note but has failed to make monthly payments since May.
"As of October 20, 2008, the amount due under the Note is as follows, not including attorneys' fees and costs incurred: Principal balance - $71,113.16; Accrued interest - $2,053.56; Late charges - $4,443.31," the suit filed Oct. 21 in St. Clair County Circuit Court states. "Interest continues to accrue at a rate of $11.65789 per day."
In addition to the $77,610.03 it is owed, Citizens is seeking fees and costs, plus other relief the court determines appropriate.
It is represented by Deborah J. Volmert of Hanna and Volmert in Belleville.
St. Clair County Circuit Court case number: 2008-L-528.