Bank blames small businesses for failure to repay loan

By Kelly Holleran | Aug 5, 2013

A bank claims a business has failed to repay it the more than $600,000 it loaned the small company. 

Comerica Bank filed a lawsuit July 25 in Jefferson County District Court against Essex Investments, Precision Tire and Automotive, Chris A. Essex, Samuel B. Essex, Jamie Essex and Essex Brothers Management.

In its complaint, Comerica alleges it lent $607,000 to Essex Investments and Precision Tire and Automotive. The remaining defendants offered guarantees on the promissory note, promising to repay the money owed if the businesses defaulted, according to the complaint.

However, the defendants failed to make the required monthly payments, and Comerica is now seeking repayment of the note.

In addition to the money it claims it is owed, Comerica is seeking unpaid pre- and post-judgment interest, attorneys’ fees, costs and other relief the court deems just.

V. Charles Serafino, R. Scott Wolfrom and Michael D. Farris of Vincent, Lopez, Serafino and Jenevein in Dallas will be representing it.

Judge Bob Wortham, 58th District Court, has been assigned to the case.

Case No.  A194-561

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