Associated Bank sues over unpaid promissory notes

Kelly Holleran Apr. 26, 2009, 7:54pm

A bank says a St. Louis business and four people failed to pay money due on three promissory notes.

On April 22, Associated Bank filed a lawsuit in St. Clair County Circuit Court against INET Properties, Terry and Samar Heimann and John and Carri Vick.

The bank says it began issuing numerous promissory notes to INET in March 2004.

Although INET paid several of the promissory notes, three are currently outstanding, according to court records.

They include a May 24 note for $226,669.85, a May 23 note for $125,029 and a May 24 note for $158,657.42, the suit states.

On the three notes in question, the Heimanns and the Vicks are named as guarantors.

Under the terms of the notes, INET was supposed to make regular monthly payments on interest until Aug. 27, when it was to pay one principal payment for the amount of the loan, plus all unpaid interest.

However, INET defaulted on the three promissory notes. The Vicks and Heimanns have also failed to reimburse the bank, the complaint says.

In addition to the money it says it is owed, Associated Bank is seeking interest, late charges, expenses, attorneys' fees, costs and other relief the court deems just.

Teresa Dale Pupillo of Carmody MacDonald in St. Louis will be representing it.

St. Clair County Circuit Court case number: 09-L-207.

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