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Texas residents sued for unpaid $116K loan
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Posted on Aug 11 2004
Two Texas residents are now facing a lawsuit at the Superior Court over an unpaid loan from the Northern Mariana Islands Retirement Fund.
The Fund wants to collect on the unpaid loan amounting to at least $116,577.47, initiating yesterday a civil action against Taufeek A. and Soledad DLG. Ajuwon.
Michael White, the Fund’s lawyer, said the Ajuwons executed a promissory note in favor of his client as part of the loan documents signed by the contracting parties on Oct. 28, 1997.
As part of the loan transaction, the Ajuwons mortgaged a 929-sqm real property on Saipan to secure the promissory note, according to White.
White said, however, that the Ajuwons defaulted on the loan after they failed to make all required payments. According to White, the Ajuwons now owe the Fund over $116,000, plus interests and late charges.
The Fund notified the Ajuwons about their default last Oct. 20, 2003. White said the Ajuwons still made no payment.
White asked the court to foreclose the mortgaged property, saying the proceeds of the property’s public auction should be used to satisfy whatever possible judgment the court might make in favor of the Fund and against the Ajuwons.
