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TO COLLECT $87,743 BALANCE ON LOAN
Bank of Saipan sues the owners of Elite Printing
Bank of Saipan Inc. is suing the owners of Elite Printing to collect $87,743.41 that allegedly represents the balance of a $500,000 loan.
Bank of Saipan Inc. filed a judicial foreclosure action against ASG Corp., Floresto S. Segismundo, and his wife, Lorna.
The bank also included the CNMI Department of Finance Division of Revenue & Taxation, and U.S. Department of the Treasury-Internal Revenue Service as co-defendants.
Saipan Tribune repeatedly contacted Elite Printing yesterday for comment but no one answered the phone.
The bank, through counsel S. Joshua Berger, asked the Superior Court to hold ASG Corp. and the Segismundo couple as personal guarantors, liable to pay monetary damages in the amount of $87,743.41.
The bank included IRS as a co-defendant because it has two notices of federal tax liens against ASG Corp.
The bank also included CNMI Revenue & Taxation as co-defendant because it has a notice of tax lien against ASG Corp.
Berger said IRS and Revenue & Taxation must be listed as defendants since their secured interest will be discharged if a foreclosure occurs.
Berger asked the court to issue a judgment that $87,743 plus accruing interest, court costs and attorney’s fees, be paid into the court’s registry within three months of the court’s order or that the property be sold.
The bank requested the court to issue an order discharging any tax liens that IRS and CNMI Revenue & Taxation may have.
The bank asked the court to allow the bank to seize and sell, if necessary, the personal property that also secured the loan.
Berger stated in the complaint that the original loan was $500,000, but as of Dec. 8, 2014, ASG Corp. and the Segismundos jointly owe the bank $87,743.41.
Berger said that, as of Oct. 20, 2014, a notice of default was issued by the bank and hand-delivered to the managing agent of ASG Corp. on Oct. 21, 2014, on Saipan, yet the Segusmundos have failed to cure the default.
Berger said the last payment made on the loan was on Dec. 19, 2014, in the amount of $500.
