PRINCETON -- A North Carolina bank is suing a Mercer County business and its owners to collect an alleged outstanding property loan.

Branch Banking and Trust Co., of Winsten-Salem, N.C., filed a lawsuit Aug. 17 in Mercer Circuit Court against Parson and Associates Inc., Rhonda Whitlow and Charlotte I. Parson, all of Mercer County.

According to the complaint, on Jan. 23, 2013, the defendants entered into a promissory note with Branch Banking for $442,000, which was to be repaid monthly.

On Feb. 2, 2015, the suit says, the defendants allegedly went into default and the plaintiff secured a deed of trust lien against the defendants' property in lot 21 of the Cumberland Industrial Park in Mercer County.

Branch Banking received $247,500 upon the sale of the property and, after factoring in the amount of the loan already paid off, now seeks the balance due of $157,959.83, plus unpaid interest as of Aug. 3, 2015, of $10,668.18, the suit states. The interest has continued to accrue after Aug. 3 under the contracted rate of $21.42 a day.

Branch Banking and Trust Co. also seeks payment for attorney fees and court costs. It is represented by attorneys James W. Lane Jr. and Mitchell B. Tuggle of Flaherty Sensabaugh Bonasso in Charleston.

Mercer Circuit Court case number 15C297OA.

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