Centrue Bank sues over unpaid promissory notes

A bank is suing two individuals and a company that took out two loans for more than $200,000, saying they stopped making payments in January and February.

Centrue Bank filed a lawsuit June 22 in Madison County Circuit Court against Jay Brown, BSM Technologies and Beverly Brown.

Centrue says Jay Brown and BSM executed its first promissory note on Nov. 21, 2003, for $176,550.18, while Beverly Brown signed as guarantor.

They renewed the note twice – once on May 21, 2007, and again on Nov. 27, 2007, according to the complaint.

Again, on Jan. 18, 2006, Jay Brown and BSM executed a second promissory note and Beverly Brown again signed as guarantor, the suit states. This time the note was valued at $37,850.

However, Jay Brown and BSM failed to make monthly payments on the first note Jan. 21 and every month following, the suit states.
They stopped making payments on the second note on Feb. 18, the complaint says.

"As of June 9, 2009, there is due and owing the Plaintiff $56,845.32 principal, plus $1,149.53 interest, plus $787.50 late fees as provided for in said Promissory Notes, for a total amount due $58,782.35," the complaint says of the first note.

Of the second note, Centrue Bank wrote in its complaint, "As of June 9, 2009, there is due and owing the Plaintiff $15,577.14 principal, plus $484.86 interest, plus $229.76 late fees as provided for in said Promissory Notes, for a total amount due $16,291.76."

In addition to the amount it says it is due, Centrue is seeking interest, attorney's fees and costs.

Richard L. Heavner of Heavner, Scott, Beyers and Mihlar in Decatur will be representing it.

Madison County Circuit Court case number: 09-L-651.