Previous Story
BoS sues Tinian resident over unpaid debt
|
Posted on May 30 2005
The Bank of Saipan sued a Tinian resident to compel payment of his remaining debt amounting to about $7,000.
The bank filed with the Superior Court sometime last week a civil action against Ignacio Cabrera.
Bank attorney Eric S. Smith said Cabrera issued a $17,900-promissory note in favor of the bank on Oct. 20, 1998 in connection with a loan acquired by the defendant.
The note guaranteed that Cabrera would pay monthly installments to the bank from Nov. 21, 1998 to Oct. 21, 2002. To secure the note, Cabrera mortgaged a real property to the bank.
Smith said, however, that Cabrera defaulted on payment of the loan. The defendant owes the bank some $6,927.57 in principal amount.
The lawyer asked the court to compel payment by Cabrera to the bank of the remaining debt plus interests within three months.
If the defendant fails to settle a possible judgment against him by the court within three months, the bank wants the court to foreclose the mortgage and auction the lot so that the proceeds can be used to satisfy the judgment.
