Has it Gotten This Bad? Town’s Lone Firehouse Faces Foreclosure
“Upon information and belief, the continued possession and use of the station and equipment by Todd materially threatens to injure, impair and depreciate the value of plaintiff’s collateral”
Todd firehouse facing foreclosure?
TODD-Todd’s lone fire department could be in jeopardy following the filing of a civil suit by Yadkin Bank.
Yadkin Bank is attempting to collect on loans it says Todd Volunteer Fire & Rescue has defaulted on, but Todd’s Fire Chief Chris Welch said the issue with the bank has already been resolved.
In a suit that was filed in May at the Watauga County Courthouse, Yadkin Bank claims the rural volunteer fire department failed to uphold its end of the bargain on a series of promissory notes that exceed $400,000.
A notice of hearing on the foreclosure on property listed as being owned by the fire department has also been issued in the case. A hearing is currently set for Tuesday, June 14.
As a result of the alleged non-payment, the lender has declared the loans to be in default, accelerated the balance due and made demand of the department for payment. In turn, Yadkin Bank says the fire department has refused to pay the balance due.