NMIRF sues to collect on $50K loan

Posted on May 13 2004

The Northern Mariana Islands Retirement Fund yesterday filed a lawsuit to collect on a $150,000-loan.

The Retirement Fund lodged with the Superior Court the civil complaint against Francisco and Anicia Q. Tomokane.

Michael White, the Fund’s lawyer, said the Tomokanes executed a promissory note in the amount of $150,000 in favor of his client on May 3, 1995.

The Tomokanes mortgaged to the Fund an 883-square meter Saipan land to secure the note, White said.

On April 7, 2004, White said the Fund notified the Tomokanes that they have defaulted on the loan. Despite the notice, the lawyer said the Tomokanes failed to make any payment.

White asked the court to award the Fund some $150,000 plus interests, besides cost incidental to the lawsuit.

He also asked the court to foreclose the mortgaged land and auction it so that the proceeds could be used to cover a possible monetary judgment to be awarded by the court.

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