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BoS seeks foreclosure of ex-senator’s land
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Posted on Jun 28 2004
The Bank of Saipan has filed a lawsuit against former senator Esteven M. King in connection with unpaid debt amounting to over $156,000.
The bank told the Superior Court that King does not oppose the lawsuit.
The suit seeks to foreclose the 2,000-sqm Tinian lot mortgaged by King to the bank in connection with a $98,368.17-loan contracted in Nov. 1997.
As of March 19 this year, BoS lawyer S. Joshua Berger said the debt has grown to $156,647.96, inclusive of interests.
Berger said that, although King agreed to enter into stipulation with the bank regarding the forfeiture of the mortgaged property, a foreclosure action has to be filed to avail the bank of the benefits of a constitutional provision.
He said the property should be acquired through a foreclosure action “for the bank to hold a fee simple interest in the real property for up to 10 years, and to convey this interest within 10 years.”
King listed the Tinian property in a bankruptcy petition he filed with the federal court in Dec. 2002. On March 25 this year, the bank requested that the property be withdrawn from the bankruptcy court, which the judge granted.
