Stifel Bank sues over unpaid promissory note

By Kelly Holleran | Mar 17, 2009

A bank has filed suit against a Clayton corporation and a trust, alleging it was not paid money it was due under the terms of a promissory note.

Stifel Bank and Trust claims Gemstone made a promissory note to the bank for $520,000 on Aug. 10, 2007.

Charles F. Stone Revocable Trust guaranteed the note, according to the complaint filed March 13 in St. Clair County Circuit Court.

However, Gemstone defaulted on the note and has failed to make payments as required, according to the complaint.

On Feb. 24, Stifel demanded Gemstone pay the unpaid principal of $233,717.65 and unpaid interest of $595.65, but Gemstone has failed to refused to pay the money, the suit states.

Stifel also notified the Stone Trust of Gemstone's default, but Stone Trust has also failed and refused to pay the money, Stifel alleges.

In addition to the money it is due, Stifel is seeking interest at the rate of $50.31 per day, costs, attorneys' fees and other relief the court deems just.

It is represented by R. Scott Moore and Alfred J. Ludwig of Lewis, Rice and Fingersh in St. Louis.

St. Clair County Circuit Court case number: 09-L-0136.

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