Lucchese bank vs Mr.macs711 (Ig-Nex Genovese)

[superh2o]

From:
Lucchese Company in behalf of Lucchese bank
Iron Street
The Triangle Disctrict, Algonquin South
Liberty City
18.04.2016

To:
Liberty Supreme Court
Liberty State

Dear court
We have gathered here today as all other options for repaying this loan have failed

We are giving copy's of the contracts and the security footage of the money withdrawal.

Contracts and details about the loan.

Spoiler for Hiden:

Mr.macs711 (Ig-Nex Genovese), you have asked for a loan of 77k with an interest rate of 10% for a duration of 4 weeks max.
The interest will be 7700$ per week, which means you will require to pay 107,800$ at the end date of this contract, and if you fail to do so you will be taken to court.
The contract will end on 17th April.
If you understand and accept the terms and conditions, please sign the contract:

Code: [Select]

(Your name here) a regular citizen of Argonath IV:MP, accept all conditions and rules set by the bank, and I accept to give back the loaned (amount) money in (set time limit), with interest rate of 10% per week, If I fail to get the money
by (limit date), I understand that bank will use rule 1 and rule 3, this contract will be set in active use only after a bank manager signs on it.

Bank Manager       

(Macs) a regular citizen of Argonath IV:MP, accept all conditions and rules set by the bank, and I accept to give back the loaned (amount) money in (set time limit), with interest rate of 10% per week, If I fail to get the money
by (4 weeks), I understand that bank will use rule 1 and rule 3, this contract will be set in active use only after a bank manager signs on it.

The camera footage

Spoiler for Hiden:

https://imgur.com/a/vnnUb

We have tried locating Mr macs711, but he is nowhere to be found in LC, we did hear a story that the Liberty City government did banish him out of the city, but we are in no position to check the facts behind that rumor.

We humbly request that the court liquidate his assets, so that bank loan can be paid off per the contract.
Per the contract we are asking for the 107,800$.


Signed:

Mane_Lucchese

[Senate]

Did the defendant state what the funds from the loan will be used for?

[superh2o]

From:
Lucchese Company in behalf of Lucchese bank
Iron Street
The Triangle Disctrict, Algonquin South
Liberty City
18.04.2016

To:
Liberty Supreme Court
Liberty State

Dear court, yes he did, this is his initial form he signed to apply for a loan

Spoiler for Hiden:

First Name:  macs
 
Ingame Name:  nex_genovese
 
Do you agree to our terms and conditions?:  yes .
 
Date you joined Argonath:  before 6 months
 
Do you have a Passport?: yes
 
Amount Needed:  77k
 
Reason:  get sultan
 
Time to pay back (in weeks): 3 / 4 weeks
 
Value of Current Assets:  35k

Total Cash (Hand And Bank after loan):  around 112k

We have already given this document to the court, but as always we are open for all forms of cooperation in solving this matter.

Signed:

Mane_Lucchese

[Senate]

If there was no risk in the loan and banking business then everyone would be providing those services. The court must look at each case and determine what method of reimbursement is appropriate.

In this case the defendant is out of the city and unable to provide payment. Upon reviewing the defendants finances we have determined that the defendant does not have sufficient funds to repay the loan by itself nor the loan + interest.

The court sees this as a poor judgement by the plaintiff in determining suitability for a loan to this subject. The court will seize this vehicle a "Sultan" with an MSRP of $77,000 and deliver it to the plaintiff Lucchese bank. The plaintiff may sell or auction the vehicle to recover some or all of their cost on the loan. Please select a representative who will be authorized to retrieve the vehicle from the impound.

The court would set a precedence for future hearings that a bank should not expect to receive interest on a failed loan when resolved through the court system. The court finds it appropriate to seize the assets purchased with the loan and deliver them to the bank. Loans for properties can be sold by the court and refunded to the bank minus interest unless there is a significant reason for it.

[superh2o]

From:
Lucchese Company in behalf of Lucchese bank
Iron Street
The Triangle Disctrict, Algonquin South
Liberty City
18.04.2016

To:
Liberty Supreme Court
Liberty State

Dear court
We had so few cases where the loans have not been paid back, we were not sure what to request in cases like this, we have noted that the interest will not be paid and we will not request it, as long as we have our invested money back to a degree bank is more then happy.

In this case I Mane_Lucchese will be taking the seize the asset as bank representative.

Signed:

Mane_Lucchese

[superh2o]

From:
Lucchese Company in behalf of Lucchese bank
Iron Street
The Triangle Disctrict, Algonquin South
Liberty City
18.04.2016

To:
Liberty Supreme Court
Liberty State

Dear court

The court would set a precedence for future hearings that a bank should not expect to receive interest on a failed loan when resolved through the court system. The court finds it appropriate to seize the assets purchased with the loan and deliver them to the bank. Loans for properties can be sold by the court and refunded to the bank minus interest unless there is a significant reason for it.

We would like to debate this decision as this would mean that no citizen of Liberty City who takes a loan has to pay it back with interest, they could all just wait for court and save all the interest money, as you said only base loan will be deducted from defendant, this could have a heavy impact on loan system that we currently have, can we for the future agree on a certain % that will be paid back to the banks that are forced to use court as reimbursement mechanic, we see court as least means possible to salvage the contract.

About poor judgement done by the bank, the defendant had 112k in total after the 77k loan was issued, there was no sign to suggest that loan would not be paid back.

Signed

Mane_Lucchese

[Senate]

The court must look at each case and determine what method of reimbursement is appropriate.

We will determine if reimbursement of interest is appropriate. In this case it is not. The defendant failed to re-pay the loan and his assets were seized. I fail to see how how this will impact future loans. Debtors who want to maintain their good credit score and "good image" among the people will want to pay the loan in full to retain their "good citizen" status. If they don't then the goods will be turned over to the bank, and if appropriate some or all interest depending on the nature of the case.

The representative may contact either judge for transfer of vehicle in Liberty City.

[Senate]

Vehicle has been transferred to the plaintiff.

Case closed.