EDWARDSVILLE — An Alton bank is suing Granite City borrowers, alleging they owe more than $58,000 for breach of a promissory note.
Carrollton Bank filed a complaint Jan. 9 in Madison County Circuit Court against Rentco Properties and Michael B. McElroy, alleging failure to perform their contractual obligations.
According to the complaint, on Jan. 14, 2015 and March 14, 2017 the defendants executed promissory notes in favor of Carrollton Bank plaintiff for $37,00 and $103,130.04 respectively.
As of Oct. 24, the suit states that the unpaid balance due on note No. 1 is $15,421.81 and the unpaid balance due on note No. 2 is $42,957.61.
The plaintiff alleges Rentco Properties and McElroy, despite demands for payment, have failed to make payments for the said amounts.
Carrollton Bank seeks trial by jury, judgment exceeding $50,000, attorney fees, court costs and all other just and equitable relief. It is represented by attorney Clifford C. Emons of Emons Law Office PC in Alton.
Madison County Circuit Court Case number 19-L-0028