Cornerstone Bank and Trust has filed suit against Internal Medical Specialist and Charles W. Earnshaw, Jr., alleging Internal Medical Specialist failed to make payments on a promissory note and Earnshaw failed to make payments on a guaranty.
Earnshaw delivered a promissory note to Cornerstone on July 25, 2007, as president of Internal Medical Specialist, according to the complaint filed Nov. 13 in Madison County Circuit Court.
He also executed a guaranty the same day, which guarantees Internal Medical Specialist's debt, the suit states.
Even though Cornerstone claims it has demanded payments, both Earnshaw and Internal Medical Specialist have refused and failed to pay.
"No part of the Note has been paid and there is now due to Plaintiff from the Defendant on the Promissory Note the principal sum of $80,000, interest from the date of the Note to October 27, 2008, in the amount of $9,346.30, with interest from October 27. 2008, at the rate of $20.2739 per day," the suit states.
In addition to the balance due, Cornerstone is seeking $3,000 in attorney's fees.
It is represented by Steven N. Mottaz of Thomas, Mottaz and Eastman.
Madison County Circuit Court case number: 08-L-1077.