Jefferson Security Bank v. JP Builders Inc.; Joseph W. Stilwell; Paul D. Propst Jr.
PA - Timothy D. Helman J - Steptoe
* On Jan. 6, 2006, the Defendant, JP Builders, entered into a promissory note with Jefferson Security Bank, borrowing $504,000. JP Builders agreed to repay the loan on Jan. 6, 2007, with interest at a variable rate. Defendants Stilwell and Propst signed agreements guaranteeing repayment of the loan. The Defendant has failed to repay the loan according to the terms of the note and are in breach of their contractual obligations for Jefferson Security Bank. The Plaintiff has sold collateral to satisfy a portion of the loan, but an unpaid principle balance of $111,925.91 together with interest and late charges still exists. On the same date, the Defendant JP Builders borrowed three other notes from the Plaintiff, in the amount of $257,625, $247,012 and a second totaling $257,625. These notes were to be paid back by the Defendants Stilwell and Propst, who signed agreements guaranteeing the repayment of the loan. The Defendant has sold the collateral to satisfy a portion of the loan but nevertheless, $76,169.39 remains on the note totaling $257,625 and $68,972 remains on the note totaling $247,012; $33,777.60 remains on the final note. The Plaintiff is requesting a total of $290,844.90 plus late fees and interest according to the terms of the promissory notes, plus joint judgment interest at the current statutory rate in addition to filing and service process fees.