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Bank seeks foreclosure of ex-lawmaker’s properties
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Posted on Feb 11 2009
The Bank of Guam has filed a foreclosure complaint against former Rep. Martin B. Ada for allegedly refusing to pay over $153,398 in loan plus interest and late fees.
The bank, through lawyer Robert T. Torres, is suing Ada for breach of contract, and conversion. The bank asked the Superior Court to issue a judgment finding Ada liable to pay $136,915 in principal amount plus interest and late fees.
Torres asked the court to order that the real property consisting of 3,067 square meters of land given by Ada as collateral be sold and the proceeds be applied to the payment.
Torres stated in the complaint that on May 23, 2006, Ada obtained from the bank a mortgage loan of $139,800.
The lawyer said the promissory note is secured by two mortgages on Ada’s two lands in San Vicente.
Torres said Ada is in default on the note; his last payment was in July 2008.
“Despite demand from plaintiff, defendant refused and failed and continuously refuses and fails to make his payments,” he said.
Torres alleged that Ada has converted the total principal amount of $136,915.81, by “holding it without claim or right and despite demand made by plaintiff for its return.”
