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LPP Mortgage, Ltd. v. Owens

February 8, 2008

LPP MORTGAGE, LTD., PLAINTIFF,
v.
LEANETTE OWENS, ET AL., DEFENDANTS.



The opinion of the court was delivered by: William D. Stiehl District Judge

MEMORANDUM & ORDER

STIEHL, District Judge

Before the Court is plaintiff's motion for partial summary judgment (Doc. 35), to which defendants have not responded. Plaintiff asks this Court to grant summary judgment on Counts I through IV and on Counts VII through X of its complaint in the amount of $131,842.98, plus interest, attorney's fees, costs, and post-judgment interest.

BACKGROUND

The relevant, undisputed*fn1 events leading up to this lawsuit are as follows:

1. On September 13, 1994, the United States Small Business Administration (SBA) entered into two loan authorizations and agreements with Golf Management Enterprises, Inc. The defendants are individuals who were each affiliated with Golf Management and guaranteed loans for Golf Management with the SBA.

2. Golf Management returned a promissory note for the first loan payable to the order of the SBA for $397,100.00, plus interest at four percent (4%) per annum.

3. Golf Management returned a promissory note for the second loan payable to the order of the SBA for $105,100.00, plus interest at four percent (4%) per annum.

4. Each of the named defendants*fn2 provided a personal guaranty*fn3 to the SBA on each of those loans, secured by real property located in both Missouri and Illinois.

5. On June 29 and July 3, 2001, the SBA assigned its interest in the loans and notes, as well as defendants' personal guaranties to LLP Mortgage LTD. (LLP).

6. Golf Management defaulted on both of the loans. Golf Management filed a bankruptcy petition on June 19, 2006 in the Southern District of Illinois.

7. On June 29, 2007, LLP foreclosed on and purchased the property located at 14805 Grantley Drive, Chesterfield, MO, 63017 for the amount of $243,000.00. This property had been owned by defendants Barbara and Michael Taylor and was pledged as part of their personal guarantee. The money recouped from this foreclosure was used to pay off the amount due and owing under the second note, in full, and a portion of the amount due under the first note.

7. As of December 19, 2007, $78,624.75 in principal, $646.23 in interest, legal fees and costs remain due on the first loan.

8. As of December 20, 2007, LLP has incurred $52,572.00 in attorney fees, all as more fully set forth in the verified affidavit of Jamie L. Boyer, who is with the law firm of Stinson Morrison Hecker LLP (SMH), ...


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