The Bank of Vernon has filed a lawsuit against Columbus businessman and Light and Water board member David Shelton, claiming he defaulted on an $887,734.84 promissory note.
According to the complaint, which was filed with the Lowndes County Circuit Court on May 25, Shelton promised to repay the note at maturity in a single payment plus accrued interest by April 8. The terms of the note state that in the event of default, “the entire indebtedness is due and payable.”
The bank is also requesting attorney”s fees of $266,300, plus interest.
According to the circuit clerk”s office, a court date has not yet been set, and no response has been filed.
Shelton could not be reached by telephone for comment, this morning.
Carmen K. Sisson is the former news editor at The Dispatch.
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 32 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.