HUNTINGTON -- First Sentry Bank is suing Tower Logistics for failure to repay a $1.5 million loan.
Michael J. Emerson and Bent L. Nielsen, who both guaranteed repayment of the loan, were also named in the suit.
On Sept. 18, 2008, First Sentry and Tower Logistics entered into a business loan agreement for the amount of $1.5 million, according to a complaint filed June 10 in Cabell Circuit Court.
First Sentry claims the defendants have failed to repay the loan and are in default. The bank claims because of the default, the loan amount was accelerated to $1,522,668.07.
As security for the repayment, the defendants executed a commercial security agreement, pledging as collateral patents, trademarks and ancillary intellectual property rights for Climb Assist, Flow Com, H2, Connect and Climb Track, according to the suit.
The bank is seeking damages in the amount of $1,522,668.07 with interest and possession of the collateral to sell pursuant to its security agreement. It is being represented by Dustin C. Haley.
The case has been assigned to Circuit Judge Davis M. Pancake.
Cabell Circuit Court case number: 10-C-433
First Sentry Bank sues Tower Logistics for $1.5 million loan
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