Commerce Bank seeks repayment on promissory note

Kelly Holleran Jan. 2, 2009, 8:36am

Commerce Bank has filed suit against CSS and four individuals, claiming they did not pay the full amount due on a promissory note.

CSS executed a promissory note to Commerce in the amount of $400,000, plus interest and other charges on Nov. 2, 2007, according to the complaint filed Dec. 29 in St. Clair County Circuit Court.

Robert W. Landrum, Philip Kaeline, Ellen M. Kaelin and Roy E. Cooper all signed as guarantors on the note on May 2, 2007, the suit states.

In addition, Cooper executed an assignment of investment property/securities on May 2, 2006 that requires him to take all necessary actions to assist Commerce in obtaining control over an account where his interest in an annuity issued by The Hartford is assigned, Commerce claims.

The note matured on May 2 and all amounts in it are due, the suit states.

Although Commerce has demanded payment of the note, neither the guarantors nor CSS have paid the balance on the note, Commerce claims.

Cooper has also failed or refused to assist Commerce in obtaining control over his The Hartford account, to sign documentation necessary for Commerce to take control of the Account or to assist Commerce in receiving the value of all funds in the account, Commerce claims.

"As of November 24, 2008, the amount due to Commerce on the Note, not including attorneys' fees or costs, was $340,261.55, consisting of principal in the amount of $336,075.65, interest in the amount of $3,844.82, and late charges in the amount of $341.08," the suit states.

Interest accrues at $65.34804 per day for each day after Nov. 24, according to the complaint.

In addition to the balance due, Commerce is seeking attorneys' fees, costs, post-judgment interest and other relief the court deems just.

It is also seeking a judgment that it has the right to liquidate Cooper's account by virtue of the assignment Cooper executed.

It is represented by Cherie K. Macdonald of Greensfelder, Hemker and Gale in Swansea.

Madison County Circuit Court case number: 08-L-664.

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