Boothe v. First Virginia Community Bank

By Judge R. Terrence Ney

This matter came before the Court on February 4, 2011. After considering the pleadings, memoranda, and arguments of counsel, the Court took the matter under advisement. The following embodies the Court’s ruling.

Facts

On May 27, 2009, The Sports Booth, L.L.C. (the “Borrower”) entered into two loan agreements with First Virginia Community Bank *478(“Bank”). The first and only loan relevant to this case was a Line of Credit in the form of a Promissory Note (“Note”). The Note was in the principal amount of $300,000.00. The obligation of the Borrower to repay the loan was…