A bank has filed suit against the company that it claims failed to repay it more than $80,000 on money borrowed.
Commerce Bank alleges 370 Properties executed a promissory note on Oct. 10, 2008, in which it borrowed $100,750.
On July 25, 2009, Western Star executed a second promissory note worth $99,445.85, according to the complaint filed Feb. 11 in St. Clair County Circuit Court.
However, both 370 Properties and Western Star failed to repay the money owed on the note, according to the complaint filed Feb. 11 in St. Clair County Circuit Court.
“As of February 8, 2013, the principal amount remaining due under the 370 Properties Note was $94,293.23, plus interest of $16,794.78 and late charges of $215.80, for a total amount of $111,303.81, not including attorneys’ fees and costs,” the suit states.
“As of February 8, 2013, the principal amount remaining due under the Western Star Note was $81,663.11, plus interest of $134.97 and late charges of $300.48, for a total amount of $82,098.56, not including attorney’s fees and costs.”
In addition to 370 Properties and Western Star, Commerce Bank names Dharmendra P. Patel and Vithalbhai P. Patel as defendants, saying acted as commercial guarantors on the notes, promising to repay them if the companies defaulted on them. They, however, have failed to do so, the complaint says.
In addition to the money it claims it is owed, Commerce Bank is seeking attorneys’ fee, costs and other relief the court deems just.
It will be represented by Deborah J. Volmert of Hanna and Volmert of Belleville.
St. Clair County Circuit Court case number: 13-L-74.