Hospital says doctor didn't repay loan
Kyla Asbury Jul. 6, 2012, 4:41am
HUNTINGTON -- St. Mary's Medical Center is suing a physician it loaned money to who failed to repay the loan.
On May 10, 2007, Dr. Jeffrey Shook entered into a loan agreement with St. Mary's Medical Center where the hospital loaned Shook $50,000 in return for Shook's promise and agreement to pay back the full amount with interest, according to a complaint filed June 22 in Cabell Circuit Court.
St. Mary's claims the terms of the promissory note was for three years at 9.25 percent interest with monthly installments of $1,692.59 starting June 1, 2008, until paid in full.
Shook breached the loan agreement and note by failing to comply with the repayment terms and conditions, according to the suit.
St. Mary's claims the defendant breached his implied contract and contract in law by failing to repay the loan.
Shook is liable to St. Mary's in the amount of $50,000 plus interest at the contractual rate of 9.25 percent, according to the suit.
The hospital is seeking damages in the amount of $50,000 with interest at a contractual rate of 9.25 percent per annum from May 10, 2007, until the date of judgment and post-judgment interest at the statutory rate of 7 percent per annum from the date of judgment until satisfied. It is being represented by Christopher J. McCarthy.
The case has been assigned to Circuit Judge F. Jane Hustead.
Cabell Circuit Court case number: 12-C-405