A Staunton bank wants damages after failing to gain possession of equipment it says was collateral in a bad loan. A 2007 suit against a company that repossessed the equipment goes to trial Monday at 9 a.m.
Madison County Circuit Judge Andy Matoesian is set to preside over the non-jury trial.
Plaintiff First National Bank of Staunton is asking the court for damages of $50,000, pre-judgment interest and costs. It alleges that LevCo CDS wrongfully re-took possession of equipment. In the complaint, the bank claims that O'Bryan Consulting put the equipment up as collateral for the repayment of two promissory notes worth over $800,000.
The company failed to repay the loans in April 2007.
First National argues that defendant LevCo had not secured their agreement to take possession of the equipment before the bank had.
It argues that LevCo has wrongfully withheld the items from it.
First National is represented by David Antognoli. LevCo is represented by Joseph Hill.
The case is Madison case number 07-L-1079.