The Bank of Edwardsville filed a breach of contract suit against Reed Overbeck in Madison County Circuit Court Jan. 8, alleging Overbeck defaulted on a promissory note.
According to the complaint, Overbeck entered into the agreement on Feb. 6, 2007, in which he was obligated to make monthly payments in the amount of $425.50 until the maturity of the note.
"The defendant has failed to make the monthly installment payments of principal and interest for the months of October, November, and December of 2007, and January, 2008, and, thereby stands in default of the terms and provisions of the said promissory note," the complaint states.
The bank states it has elected to declare the entire unpaid principal balance of the obligation immediately due in accordance with the terms and conditions of the note.
According to the bank, Overbeck owes a total of $54,041.81 which includes the principal, late charges and accrued interest.
In addition to that amount, the bank is seeking reasonable attorney fees and $12.20 a day in per diem interest from Jan. 3 until the day of the final payment.
The Bank of Edwardsville is represented by Donald Metzger of Edwardsville.
