A Texas corporation claims a Wood River company owes it more than $50,000 after it failed to make required monthly payments on a loan.

FH Partners filed a lawsuit April 15 in Madison County Circuit Court against Great River Enterprises and against James L. Tomer.

FH claims Meridian Bank Eldred loaned Great River Enterprises $181,348.99 on Sept. 14, 2005. On the same day, Tomer signed on to the note as guarantor and unconditionally guaranteed repayment of the loan, according to the complaint.

Later, on Feb. 13, 2009, the FDIC assigned the loan and guaranty to FH Partners.

Since then, however, Great River Enterprises and Tomer have failed to make payments in accordance with the terms of the loan, the suit states. A demand letter to both defendants has done nothing to encourage them to pay their debts, the complaint says.

"As of March 31, 2010, the Borrower owes to FH under the Note $56,867.90 and interest from and after that date pursuant to the terms of the Note," the suit states.

In addition to the money it says the defendants owe it, FH seeks interest from March 31 until the note is paid in full, costs, attorneys' fees, pre-judgment interest and other relief the court deems just.

Jeff R. Wagener and Randall F. Scherck of Clayton will be representing it.

Madison County Circuit Court case number: 10-L-425.

More News