Bank of Edwardsville seeks payment on notes

By Kelly Holleran | Dec 7, 2009

In a Madison County Circuit Court complaint, the Bank of Edwardsville seeks the acceleration of two promissory notes a Missouri corporation executed more than four years ago.

The Bank of Edwardsville filed a lawsuit Dec. 3 against G.G.R.K., Kevin E. Nowak, Kevin M. Nowak and Joanne Nowak.

The bank claims G.G.R.K. executed a promissory note on March 3, 2005, for $27,885.82. Acting as guarantor of the note, Kevin E. Nowak promised to repay the note should G.G.R.K. fail in making its payments, according to the complaint.

Again, G.G.R.K. executed a second promissory note on July 22, 2005, this time for $150,000. And for a second time, the Kevin E. Nowak, along with Kevin M. Nowak and Joanne Nowak, acted as guarantors of the note, the suit states.

However, both G.G.R.K. and its guarantors stopped making monthly payments on the notes in June, the suit states.

G.G.R.K. and the Nowaks owe $6,384.49 on the March 3 note with interest that accrues at $0.91 per day and owe $91,764.52 on the July 22 note with interest that continues to accrue at $13.80 per day, the complaint says.

In addition to the money it claims the defendants owe it, the bank seeks attorneys' fee, costs and other relief the court deems just.

Myron A. Hanna and Debra J. Volmert of Hanna and Volmert in Belleville will be representing the bank.

Madison County Circuit Court case number: 09-L-1307.

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