Collinsville couple claim business defaulted on promissory note

Kelly Holleran Jun. 18, 2009, 3:37am

A Collinsville couple alleges a company owes them more than $180,000 after it defaulted on a promissory note.

Jimmy Smith and Johanna Smith say they are named as payees in a promissory note TDW Family delivered to them on Sept. 15, 2005.

In the note, TDW Family promised to pay $160,000, plus interest at a rate of 6.5 percent per annum, according to the complaint filed June 10 in St. Clair County Circuit Court.

At first, the Smiths were to receive the money in monthly installments of $866.66 in interest only, the suit states. On Oct. 1, 2006, they were to begin receiving monthly payments of $1,081.60 to be applied first to the interest, then to the principal.

The entire promissory note was to be paid off by Oct. 1, 2010, the complaint says.

However, the Smiths say TDW Family failed to make payments, even though the Smiths have demanded them.

"Plaintiffs hold and own said Note and after giving Defendant all due credits due to Defendant, Defendant owes Plaintiffs the sum including interest and principal as of June 1, 2009, the sum of $187,757.28 plus attorney's fees, accrued interest, costs of suit and any other damages that Plaintiffs have incurred as a result of said breach," the suit states.

In addition to the money they say they are owed, the Smiths are seeking interest at 6.5 percent, attorney's fees and costs.

They are represented by Larry O. Brockman.

St. Clair County Circuit Court case number: 09-L-303.

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