Madison - St. Clair Record

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Bank sues loan borrowers for breach of contract

By Noddy A. Fernandez | Jun 5, 2017

BELLEVILLE — A Missouri bank is suing several loan borrowers/guarantors for allegedly failing to make payments on a loan.

Providence Bank filed a complaint on May 12 in the St. Clair County Circuit Court against RC Shoes, Inc. Michaela A. Cook and Robert A. Cook, alleging they failed to perform the terms of the agreement.

According to the complaint, the plaintiff alleges that on June 26, 2012, the defendants entered into a promissory note agreement to repay a total principal amount owed of $460,700. The note also secured the plaintiff security interest in all accounts, inventory, equipment, instruments, chattel paper and general intangibles. The plaintiff claims they performed all required conditions but failed to receive payment with respect to the note since Feb. 27, 2017. 

The plaintiff alleges the defendants failed to tender payment due under the note and loan documents and failed to make monthly payments towards the balance of the amounts due under the note.

The plaintiff requests a trial by jury and seeks payment for damages in the principal amount of $207,922,80, post-judgment interest, expenses, attorneys' fees, costs, and such other and further relief as the Court deems just and proper. 

They are represented by Douglas A. Stultz of Sigmund Browning, LLC in Jefferson City, Mo, and Mark M. Silvermintz of Law Office of Mark M. Silvermintz in Collinsville.

St. Clair County Circuit Court case number 17-L-261

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