A national bank is suing a religious group that borrowed a loan, as well as its guaranteers, alleging breach of contract.
Urban Partnership Bank, as receiver for ShoreBank, filed a lawsuit Feb. 4 in the Cook County District Court against Kingdom Records Inc., Kingdom Finance Corp. VII, Valley Kingdom Ministries International Inc., Fontana Distribution LLC, Joan Sullivan and unknown owners and non-record claimants.
According to the complaint, the bank alleges that on April 28, 2009 it loaned Kingdom Records and three guaranteers $576,653.22, requiring monthly payments on principal, plus interest and the unpaid balance to be paid on the date of maturity on April 28, 2012.
The bank claims the defendants did not honor the contract and as of Oct. 25, have a balance due of $487,705.51. The bank alleges that under the contract, it is entitled to possession of the collateral pledged.
The plaintiff is seeking damages, possession of collateral, attorney's fees, interest and costs. It is being represented by Chicago attorney Amy T. Grace of Chuhak & Tecson P.C.
Cook County District Court Case No. 2014L050123.
This is a report on a civil lawsuit filed at the Cook County Courthouse. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.