WINFIELD — Putnam County Bank is suing Hoosier Law Firm for failing to repay a promissory note.
D. Adrian Hoosier was also named as a defendant in the suit.
On Nov. 21, 2014, Hoosier Law Firm entered into a promissory note and commercial security agreement with Putnam County Bank which granted the bank a security interest in all inventory, accounts and equipment, according to a complaint filed in Putnam Circuit Court.
The bank claims the defendant granted a security interest in the collateral to secure the promissory note in the amount of $105,315 and the firm agreed to repay that amount in one payment of all outstanding principal plus all accrued unpaid interest by Nov. 21, 2015.
Hoosier also agreed to pay regular monthly payments of all accrued unpaid interest due beginning Dec. 21, 2014 and due on the same day each month, according to the suit.
The bank claims on Dec. 28, 2015, a change in terms agreement was entered between the parties, renewing the note for 90 days and a change in terms agreement was signed several more times in February and in May 2016.
The bank claims it has fully performed its duties pertaining to the dead of trust, commercial security agreement and change in terms agreements.
The defendants have defaulted in the payment obligations pursuant to the promissory note and breached their contract with the bank, according to the suit.
The bank claims the defendants still owe $101,171.04 in costs and interest.
The bank is seeking judgment in the amount of $101,171.04 with interest accruing on the unpaid principal balance at the contract rate until the date of judgment. It is represented by Eric S. Embree of Tyree, Embree & Associates of Hurricane.
The case is assigned to Circuit Judge Phillip Stowers.
Putnam Circuit Court case number: 18-C-214