M&I Marshall & Ilsley Bank has filed a breach of contract complaint against Eric Sickbert and Sickbert Trucking, alleging the defendants failed to make minimum monthly payments on their business line of credit.
According to the lawsuit filed Aug. 11 in Madison County Circuit Court, Sickbert, on behalf of his trucking company, applied for a business line of credit for $19,500 on July 23, 2007.
M&I claims Sickbert promised to pay minimum monthly installments of one percent of the principal balance, plus interest at 11.24 percent.
M&I claims on July 30, 2007, Sickbert charged against the available line of credit and otherwise borrowed $19,500, and is now in default for failure to make payments due Feb. 18, and each month after.
According to the complaint, the outstanding balance is $19,987.13, which includes accrued interest, late charges and past due balance.
In addition to the past due amount, M&I is also seeking future interest and late charges, costs of the lawsuit and attorney fees.
Darren Besic of Batavia, Ill represents the bank.
The case is awaiting mandatory arbitration.