PITTSBURGH – An alleged defaulted promissory note, a component of a business transaction involving the sale of stock shares, is at the center of a newly-filed civil lawsuit in state court.
Judy Dewey of Oakdale filed suit in the Allegheny County Court of Common Pleas on Feb. 7 versus Brian D. Kurtz and Kathleen Klein, both of Coraopolis.
“Beginning on or about Nov. 11, 2016 and continuing through Feb. 13, 2017, plaintiff engaged in negotiations with the defendants regarding the sale of her 100% interest in the shares of the corporation Judy Dewey’s Notary Messenger Service, Inc. The Stock Purchase Agreement for Dewey’s shares was agreed to be $150,000.00), with the purchase price paid with $75,000.00 cash at the closing and $75,000.00 being paid via Dewey holding a promissory note,” the suit states.
“Pursuant to the Promissory Note, borrowers were to make payments of principal and interest at a rate of 2.5 percent in two equal annual installments of $38,204.58, each due on or before Dec. 31 of each year, beginning on Dec. 31, 2017 and through and including Dec. 31, 2018, at which time the entire balance of any remaining principal and interest was due and payable. Borrowers failed to make the Dec. 31, 2017 payment,” the suit adds.
As a result, the note went into default when no payments were forthcoming by Jan. 30 of this year.
For breach of contract, the plaintiff is seeking damages, jointly and severally, of $76,409.16, court costs and attorney’s fees in an amount to be determined, plus other damages the Court finds just and reasonable.
The plaintiff is represented by Lynn R. Emerson of Business Legal, in Oakdale.
Allegheny County Court of Common Pleas case GD-18-001833
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at email@example.com