In the case of Ron & Mark Ward, LLC; RLW & MLW, LLC; Ward Chrysler Center, Inc.; Ronald L. Ward; and Mark L. Ward (Plaintiffs) vs Bank of Herrin (Defendant), filed in the Appellate Court of Illinois, Fifth District under case ID 21-MR-107 on March 20, 2024, the plaintiffs sought a preliminary injunction against the defendant's default remedies on certain loan documents.
The plaintiffs, who owned and operated two car dealerships in Southern Illinois, had entered into business loan agreements with the defendant from 2016 through 2018. However, it was discovered that employees at one dealership were involved in a scheme of double-booking loans with the defendant leading to an outstanding debt of approximately $2.8 million for the plaintiffs by December 2018.
On October 30, 2020, as part of refinancing efforts, Ward Chrysler Center and RLW & MLW executed a promissory note pursuant to a loan from the defendant amounting to $2,573,874.45. This note was secured by several assets including a blanket Uniform Commercial Code lien on the plaintiffs’ business assets and mortgages on personal properties owned by Ron and Mark Ward.
The plaintiffs are seeking judgment for breach of contract among other charges and are requesting injunctive relief to prevent the bank from pursuing its default remedies on certain loan documents.