Ann Maher May 8, 2013, 10:59am

Madison County Treasurer Kurt Prenzler has responded to a suit filed by eight securities companies claiming a tax sale conducted last year violated state law because it was done without first obtaining a court order.

Attorneys Philip J. Lading and John Gilbert of Sandberg Phoenix & von Gontard for Prenzler wrote that plaintiffs have been reimbursed for their purchase of $1.3 million in tax certificates and that the certificates in question have been returned to the Treasurer

Plaintiffs Algonquin Securities, Cardinal Securities, Land of Lincoln Securities, Monarch Securities, Prairie State Securities, Violet Securities, White Oak Securities and Windy City Securities filed suit in Madison County on Feb. 22.

According to the lawsuit, the plaintiffs collectively purchased $1.3 million in tax certificates at the annual Madison County tax sale on Feb. 22, 2012. In exchange for the receipt of $1.3 million, the defendant issued 390 tax certificates.

The plaintiffs claim the sale was not valid. They further claim that if a Treasurer neglects to perform any of the duties required by him, he shall forfeit a sum of not less than $50 and not exceeding $1,000, according to the nature and aggravation of the offense.

The plaintiffs claim they have suffered costs associated with preparing for the tax sale, loss of interest, loss or real estate equity and the lost chance of obtaining real property through the tax deed process in the amount of $5,581,654.

The plaintiffs are represented by Mark McLean of McCarthy, Leonard & Kaemmerer in Chesterfield, Mo.

The case is assigned to Madison County Circuit Judge William Mudge.

Madison County case number 13-L-286


More News