Tri-County Petroleum sues over unpaid loan

Kelly Holleran May 25, 2011, 12:18pm

A company claims it lost more than $100,000 after its borrower failed to repay a loan.

Tri-County Petroleum claims it lent TMCI $209,714 on Nov. 26, 2008. According to the complaint filed May 11 in Madison County Circuit Court, defendant Thomas J. Manville acted as guarantor of the note, promising it would be repaid.

However, TMCI and Manville have since failed to make required payments, the suit states.

"The amount remaining unpaid and owing to the Plaintiff, after all credits and deductions, is the sum of $119,295.98 principal plus $870.30 interest up to and including May 10, 2011, with interest accruing at a rate of $19.34 per day," the complaint says.

In its three-count complaint, Tri-County Petroleum seeks the money it says the defendants owe it, plus interest, attorney's fees and costs of suit.

George E. Marron III of Highland will be representing it.

Madison County Circuit Court case number: 11-L-452.

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