BB&T, Golden reach agreement on payment of defaulted credit

By Lawrence Smith | Aug 28, 2008


CHARLESTON – Provided she can make the payments, a Charleston bank has agreed to drop its lawsuit against a South Charleston attorney for defaulting on over $30,000 in credit extended to her.

In June, a settlement was reached in the case of BB&T v. Ellen Golden. Records show, BB&T was attempting to collect on a $15,000 promissory note and a $15,000 line of credit given to her during the last two years.

According to court records, Golden first obtained the promissory note on May 15, 2006. The terms of the note included a variable rate of interest, and payable in monthly installments until May 15, 2007.

Though no date is specified, BB&T agreed to extend the maturity date on the note until Sept. 12, 2007. However, BB&T, via its attorney James F. Brown IV, alleged in the complaint and suit, Golden failed to make the first modified payment on Oct. 15, 2007 "and has failed to make any payment thereafter."

A notice of default was sent to Golden on Dec. 11, records show.
Along with the face value of the note, BB&T was asking for 10.25 percent interest from Sept. 15, 2007 until the date of a judgment and 5 percent above prime default rate.

In addition to the promissory note, records show BB&T was seeking payment on a defaulted $15,000 line of credit extended to Golden via a VISA business card. The date the line of credit was extended is unclear.

However, records show she was in default on Jan. 2 when she not only exceeded the limit, but also failed to make a payment of $882. Apparently, Golden made a payment by the next week as BB&T was asking for $15,081.21 plus 21.9 percent above the prime default rate as of Jan. 9.

Though no terms are specified, BB&T agreed to dismiss the case "on the grounds that the Defendant has made arrangements to settle the debts alleged in the complaint to the satisfaction of the Plaintiff."

On June 11, records show Judge Louis H. "Duke" Bloom dismissed the case without prejudice.

Kanawha Circuit Court, Case No. 08-C-701

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