A bank has filed suit against a Madison County lawn care company, alleging it has defaulted on more than $250,000 worth of payments it owes the bank. In addition, the company refuses to surrender collateral it used to obtain the loan, the suit claims.
First Bank claims it lent defendant KW Lawncare Inc. $265,000 in 2007.
In exchange for the money, KW agreed to list a 2001 GMC Sierra, a 2006 Chevrolet Kodiak truck, a 1970 Tote UM trailer and a 1994 Com Pro trailer as collateral, according to the complaint filed Dec. 29 in Madison County Circuit Court.
Since obtaining the loan, KW has defaulted on its payments, the suit states. In addition, it refuses to hand over the collateral, the complaint says.
"There is currently due and owing on the Instrument the sum of $259,160.69, plus pre-judgment interest accruing after December 28, 2010, and costs of collection, including reasonable attorneys' fees, the suit states.
In addition to the money and collateral it says it is owed, First Bank is seeking pre-judgment interest, costs, attorney's fees and other relief the court deems just. The bank also seeks an injunction preventing KW from transferring or concealing the collateral.
It will be represented by David L. Antognoli of Goldenberg, Heller, Antognoli and Rowland in Edwardsville.
Madison County Circuit Court case number: 10-L-1284.