Southwest Bank seeks more than $350k in loan repayment
A St. Clair County bank is accusing a business of failing to repay more than $350,000 worth of promissory notes.
Southwest Bank of St. Louis filed a lawsuit June 10 in St. Clair County Circuit Court against Superior Quality Products and David Prouhet.
Southwest claims Superior Quality Products executed eight different promissory notes and owes at least $19,000 on each one, the complaint alleges.
When Superior Quality Products defaulted on its payment, Prouhet should have made the payments under his role as commercial guarantee, according to the complaint. However, Southwest still has not received payment, the suit states.
"After being given credit for all payments made on the Promissory Notes, Superior Quality Products owes the sum of $350,141.17 as of May 7, 2010, plus interest after that date at the rate of $77.93 per day, plus attorneys' fees and court costs," the complaint says.
In addition to the money it says the defendants owe it, Southwest seeks $3,000 in attorney's fees, costs and other relief the court deems just.
Kevin J. Stine of Mathis, Marifian and Richter in Belleville will be representing it.
St. Clair County Circuit Court case number: 10-L-287.