CAPE GIRAREAU – Two Homersville individuals are alleged to owe more than $300,000 on a loan for farming supplies to Crop Production Services Inc.
Colorado-based Crop Production Services Inc. states in the complaint filed June 5 in the U.S. District Court for the Eastern District of Missouri, Southeastern Division that it provided agricultural supplies for crop farming to Bond Rouse and Ted Rouse, who reside in Homersville in Dunklin County, Missouri in 2017.
The suit states the parties signed a promissory note/loan agreement in April 2017 for the financing of the agricultural materials in the amount of $403,499.84, with the final repayment with interest being $419,282.45. Crop Production alleges it advanced the funds and provided services, labor and equipment to the Rouses.
According to the suit, the note agreement stated that any defaulted payments would be subject to a 3 percent yearly interest rate, provided for enforcement of collection and court costs and attorney’s fees, and the Rouses waived any rights to counterclaims arising from the debt.
The agreement dictated that the Rouses would repay the loan in increments: The first 10 months the Rouses were to pay $10,000, with a sum of $50,000 in March, then 11 monthly payments of $12,500, a $50,000 payment in March 2019, five monthly payments of $12,500, and a final payment to be made in September 2019 for $19,291.38.
Crop Production alleges that the loan is now in default of $335,111.63 at an accelerated rate. Crop Production alleges that it provided all the services, labor and equipment, and despite demands that the Rouses pay the past due amount, the note allegedly remains in default.
The plaintiff seeks damages of $335,111.63 for the note balance due, court costs and attorney’s fees and interest.
Crop Production is represented by Blanton, Nickell, Collins, Douglas & Hanschen LLC of Sikeston.
U.S. District Court for the Eastern District of Missouri, Southeastern Division case number 1:18-cv-00134-ACL