CHARLESTON — City National Bank of West Virginia is suing Faulkner Enterprises claiming it defaulted on a loan.
On Oct. 5, 2010, the defendant executed a promissory note to City National for $50,000, according to a complaint filed in Kanawha Circuit Court.
City National claims the note was signed by Richard Faulkner, the defendant's president. The note specified that the defendant would pay City National periodic payments and all outstanding interest by Oct. 5, 2011.
The defendant defaulted on July 5, 2011, and City brought a legal action against the defendant on Nov. 15, 2011, which was dismissed without prejudice on Sept. 13, 2013, according to the suit.
City National claims the defendant remains in default and as of Sept. 5, 2023, owes $81,588.16.
"As made clear in Note, the amount owed increases each day that Defendant remains in default," the complaint states.
The defendant's failure to cure the default has caused City National to engage counsel to represent its interests and has incurred costs, such as attorney's fees and court costs, according to the suit.
City National is seeking judgment in the amount of $81,588.16 with interest, including pre- and post-judgment interest. It is represented by Peter J. Raupp and Sarah C. Ellis of Steptoe & Johnson in Charleston.
Kanawha Circuit Court case number: 23-C-799