Commerce Bank seeks repayment on promissory notes

Kelly Holleran Nov. 20, 2010, 3:46am

Commerce Bank has filed suit against the business that it claims failed to repay more than $84,000 on two promissory notes it executed.

Commerce Bank claims Barnum Enterprises executed a promissory note for $72,800 on May 18, 2007, and another promissory note for $51,000 on March 17, 2009.

When the monthly payments for the two promissory notes was due on Sept. 7, however, Barnum failed to remit payment, according to the complaint filed Nov. 9 in St. Clair County Circuit Court.

Because of Barnum's failure to pay, Commerce accelerated the notes and says Barnum owes it $41,871.20, plus interest of $151.92, for the May 18 note. Barnum also owes $41,993.27, plus interest of $700.55, on its second note, the suit states.

In addition to Barnum Enterprises, Commerce Bank names Melvin B. and Ann M. Barnum as defendants, saying they guaranteed the note would be repaid. However, they have also failed to remit payment for the notes, the complaint says.

In addition to the money it says it is owed, Commerce is seeking interest of $16.17 per day, plus attorney's fees, costs and other relief the court deems just.

It will be represented by Deborah J. Volmert of Hanna and Volmert in Belleville.

St. Clair County Circuit Court case number: 10-L-588.

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