PITTSBURGH – A New York-based financial institution is seeking reconciliation of an outstanding loan agreement made to a pair of Western Pennsylvania defendants nearly 20 years ago.
Keybank N.A. (successor by merger to National City Bank) of Buffalo filed suit in the Allegheny County Court of Common Pleas on Feb. 7 versus Cathleen Medved (doing business as “CMC Professional Services”) and Guarantor Louis Medved, both of Monroeville.
On Oct. 9, 1998, Cathleen executed and delivered to plaintiff a Business Credit Line Agreement. By the agreement’s terms, plaintiff extended to defendant a loan in the amount of $35,000. However, the suit states that the defendant defaulted on the loan and $25,742.66 remains due and owing to the plaintiff.
Per the agreement, an interest rate of 12 percent per year exists as damages on the liquidated balance and reasonable collection fees are eligible for receipt, in the amounts of $1,437.10 and $8,580.89, respectively. The defendant has allegedly refused repeated demands to reconcile the payments.
For counts of breach of contract, the plaintiffs are seeking damages individually and severally in the amount of $35,760.65, plus continuing interest on the principal balance at the rate of 12 percent and costs.
The plaintiffs are represented by Raymond P. Wendolowski Jr. of Bernstein-Burkley, in Pittsburgh.
Allegheny County Court of Common Pleas case GD-18-001817
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com