Allied First Bank has filed suit against a Will man, alleging he failed to pay $75,000 on a line of credit.
Michael J. Chenault executed an Equity Line Agreement and a credit line for $75,000 was established, according to the complaint filed Feb. 4 in St. Clair County Circuit Court.
However, Chenault has failed to make the monthly payments he owes even though demand has been made for them, the suit states.
"Defendant owes Plaintiff the principal sum of $75,000, plus accrued interest at the rate of 7.00 % per annum up to January 26, 2009, in the amount of $3,725.33, for a total due in the sum of $78,725.33," the suit states.
In addition to the balance due, Allied is seeking attorney's fees of $350, interest and court costs.
Robert T. Kuehl of Weltman, Weinberg and Reis in Chicago will be representing the company.
St. Clair County Circuit Court case number: 09-L-0063.