Judge Braswell defaults on land loan
By Nick Hiltunen
Published in News on May 14, 2008 2:16 PM
Wayne County's sitting Superior Court judge has been sued for defaulting on a property loan by a international bank chain.
A lawsuit filed this month by RBC Centura Bank shows multiple properties belonging to Jerry Braswell have already been sold to pay off a $480,000 loan.
After the bank sold eight of Braswell's Goldsboro properties, RBC still claims to be owed about $40,700, plus interest and attorney fees, the suit shows.
Braswell and Toronto-based RBC agreed on a promissory note for a deed of trust on Jan. 14, 2004, according to the lawsuit.
Listed as collateral were properties owned by Braswell -- 305, 407 and 711 W. Chestnut Street, 100 Banks Avenue, 801 S. Slocumb Street, 712 Slaughter Street and 111 Quail Drive.
According to the lawsuit, those properties were sold, earning RBC Bank $207,632.
"(Braswell) defaulted on the terms and conditions regarding payment of the note, and RBC accelerated the balance due," Rocky Mount attorney David M. Warren said in the suit on behalf of RBC.
A sworn statement from a bank officer in Rocky Mount also alleges default by Braswell on the loan.
The lawsuit asks for the Wayne County Superior Court's civil jurisdiction to enter judgment against Braswell for the amount the bank says it is owed.
RBC also wants Braswell to be taxed with court costs.
Braswell said he had not yet been served with a summons in the suit.
"I haven't received anything from RBC ... yet, so I'm not in a position to respond to it," Braswell said. "Typically what happens, if it's a financial action ... the plaintiff has to serve the defendant. That may take days or weeks, depending on the service."
RBC attorney Warren of Rocky Mount's Poyner & Spruill law firm said was traveling to Texas late Tuesday and early today and could not be reached for comment.