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Adriano sued for unpaid disaster loan
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Posted on Dec 14 2004
Senate President Joaquin Adriano is facing a lawsuit over alleged nonpayment of a disaster loan from the U.S. Small Business Administration.
Texas firm LPP Mortgage Ltd. filed with the Superior Court a civil action against Joaquin and Marian Adriano, in an effort to collect on the unpaid balance of the loan in the amount of nearly $50,000.
LPP lawyer Bruce Mailman, who had filed numerous cases on behalf of LPP in connection with delinquent SBA loans, said the Adrianos defaulted on their loan payment and failed to settle the obligation despite demand.
Mailman asked the court to compel the Adrianos to pay LPP $48,690.04 in unpaid principal plus interests.
In the complaint, Mailman said the Adrianos executed a promissory note for $65,500 plus interest in favor of the SBA in February 1998. The Adrianos, who are residents of Tinian, mortgaged a 999-sqm lot in Koblerville, Saipan to secure the note, Mailman added.
In 2001, Mailman said the SBA assigned its interests over several notes in favor of LPP, including that of the Adrianos.
The lawyer sent a notice of default to the Adrianos by registered mail on Sept. 30, 2004, but the latter allegedly failed to settle their debt, prompting the filing of the suit.
Mailman asked the court to foreclose the mortgaged property if the defendants fail to satisfy a possible judgment in favor of LPP, so that proceeds of the auction could be used to satisfy such judgment.
