Contracts
Breach of Contract
Promissory Notes
Confidential
Settlement – $100,000Judge
Court
L.A. Superior Long Beach
Attorneys
Plaintiff
Raymond J. Seto
(Hansen Seto LLP)
Defendant
Facts
The defendants were co-makers and guarantors on a $410,000 promissory note dated April 1, 1994. The defendants failed to make periodic payments on the note after March 19, 1996, and thereafter failed to respond to repeated demands for payment.
Settlement Discussions
The plaintiff demanded $200,000 on March 29, 1999.
Damages
The plaintiff sought $372,000 in unpaid principal, plus the interest which accrued at 7 percent per annum after March 19, 1996.
Other Information
The settlement was reached 11 months after the case was filed.
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