A Texas company is suing over an unpaid promissory note with an original value of $1 million.
Seamless Sands filed the suit Oct. 22 in the U.S. District Court of the Eastern District of Louisiana against Psamathe Sands.
According to the complaint, the funding date of the promissory note is Dec. 16, 2014, and from July 1 to the maturity date of June 15, 2017, a total of 24 equal payments were to be made by the defendant. As of July 1, the defendant owed the plaintiff $1,066,827.75. The defendant made a payment on the note on July 10 and Aug. 10. However, the suit claims, the plaintiff has received no payments on the note since. On Sept. 16, the plaintiff sent a notice of termination of forbearance, continuance of default and intent to foreclose.
The plaintiff seeks judgment against the defendant in the amount of $1,016,248.57 as of Oct. 1, plus interest in the amount of $567.89 per day, attorneys' fees, costs of court and other relief the court deems appropriate.
Attorneys for the plaintiff are David L. Patron, Bruce V. Schewe and Ashley Heilprin of Phelps Dunbar in New Orleans.
U.S. District Court of the Eastern District of Louisiana case number 2:15-cv-05391-JCZ-MBN.