Luck "E" Strike Corp. v. First State Bank of Purdy

PHILLIP R. GARRISON, Presiding Judge.

This case involves a dispute between a borrower, Luck “E” Strike Corporation (“Plaintiff’), and a lender, First State Bank of Purdy (“Defendant”), concerning the payment of late fees on certain loans. Plaintiff asserts that no late fees are due and owing, and filed a petition for declaratory judgment to prevent the assessment and collection of such late fees.

On July 8, 1994, Plaintiff borrowed $1,652,000 from Defendant through three separate Small Business Administration (“SBA”) loans with different maturity dates. Loan number 788-323 was in the principal…