PRINCETON – A Princeton corporation has filed suit against a Raleigh County company in an effort to collect on a $100,000 loan that allegedly is in default.
Region I Planning and Development Council Inc. filed a complaint in Mercer Circuit Court against Precision Electric Inc., Alan Smith and Judy Smith alleging default of a loan.
According to the suit, on May 20, 2015, Region entered into a $100,000 loan agreement with the Smiths and Precision Electric for a line of credit. Region alleges the defendants have defaulted on the loan, which had a total payoff of $105,406.99 due on Sept. 12.
Region claims the defendants were sent a default letter on Dec. 13, 2018.
Region seeks monetary relief of $105,406 plus litigation costs and all other appropriate relief. It is represented by William Winfrey II of The Law Offices of William S. Winfrey II in Princeton.
The case has been assigned to Circuit Judge Mark Wills.
Mercer Circuit Court case number 19-C-232-MW
