Two financial institutions have filed suit against borrowers they claim have failed to repay more than $400,000 worth of loans.
FH Partners claim Meridian Bank loaned $604,240.50 to defendant CCMP while defendants James L. Tomer and J. Kim Sorenson guaranteed repayment of the funds on Sept. 28, 2006.
Later, the FDIC assigned the loan to FH Partners on Feb. 13, 2009, and FH currently holds the note, according to a complaint filed April 27 in Madison County Circuit Court.
Since then, CCMP has failed to make payments on the loan, the suit states. In addition, Tomer and Sorenson have not made payments, although FH demanded immediate and full payment of the note on April 6, 2010, the complaint says.
"As of March 30, 2010, the Borrower owes FH $403,724.23 under the Note and interest from and after that date pursuant to the terms of the Note," the suit states.
In addition to the money it says the defendants owe it, FH Partners seeks costs, attorneys' fees and other relief the court deems just.
Jeff R. Wagener and Randall F. Scherck of Lathrop and Gage in Clayton will be representing it.
Madison County Circuit Court case number: 10-L-462.