CLARKSBURG -- A Pennsylvania corporation claims a Braxton County company owes it more than $150,000 after failing to make payments on a promissory note.
The Hite Company filed a lawsuit May 18 in U.S. District Court against Steorts Electric, Steorts Development Company, Rodney Earl Steorts II and Judy Steorts.
The Hite Company alleges Steorts Electric promised to repay Hite $184,760.51, plus interest at four percent per annum after it executed a promissory note on Oct. 5. Steorts pledged to repay the note in monthly payments of $3,500 beginning on Nov. 15, according to the complaint.
Rodney Earl Steorts II, Judy Steorts and Steorts Development Company guaranteed repayment of the note in a guaranty agreement they signed Oct. 5, the suit states.
However, the defendants failed to make their required monthly payment on Jan. 15 and each payment due afterwards, the complaint says.
"As of December 16, 2009, the sum of $178,982.63 is due and owing under the Commercial Promissory Note, together with accruing interest, costs and expenses, including attorneys' fees, incurred by Plaintiff in attempting to collect the amounts due and owing thereunder," the suit states.
In addition to the money it says the defendants owe it, the Hite Company seeks post-judgment interest at the legal rate, costs, expenses and other relief the court deems just.
David M. Thomas of Dinsmore and Thomas in Morgantown will be representing it.
U.S. District Court case number: 1:10-cv-81