A bank claims a Madison County couple and their business are late in payments on more than $200,000 worth of promissory notes.

First Collinsville Bank filed a lawsuit Nov. 30 in St. Clair County Circuit Court against Victor W. Smith, Cornella A. Smith and Spectrum Enterprises doing business as Smith Properties.

The bank claims the Smiths executed a promissory note on March 17, 2004, for $197,000 and Spectrum Enterprises entered into a second promissory note on Nov. 19, 2004, for $86,000. On the second promissory note with Spectrum Enterprises, the Smiths signed as guarantors, promising to repay the money if Spectrum Enterprises failed to do so.

However, all of the defendants have failed to make payments on the notes for at least 150 days, according to the complaint.

"As of November 3, 2009, the total balance due and owing under the [March 17, 2004] Promissory Note is as follows: principal balance: $161,991.83, interest: $3,389.84, late charges: $283.75," the suit states. "As of November 3, 2009, the total balance due and owing under the [Nov. 19, 2004] Promissory Note is as follows: principal balance: $16,939, Interest: $262.58, Late Charges: $40."

In addition to the money it says the Smiths owe it, the bank seeks attorneys' fees, costs and expenses, plus other relief the court deems just.

Kevin J. Stine of Mathis, Marifian, Richter and Grandy in Belleville will be representing the bank.

Madison County Circuit Court case number: 09-L-1290.

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