United States District Court, N.D. West Virginia
Gadd, Spilman Thomas & Battle, PLLC., Counsel for
Honorable John Preston Bailey, Judge.
the Court is plaintiff, Farm Credit of the Virginias,
A.C.A.'s ("Farm Credit") Motion for Default
Judgment Against Defendants James W. Wallace and Mary P.
Wallace (the "Motion"). In the Motion, Farm Credit
has requested that this Court enter an Order granting Farm
Credit default judgment against defendants, James W. Wallace
and Mary P. Wallace (collectively, the
"Defendants"), jointly and severally, in a sum
certain amount of $438, 703.34, plus interest on the unpaid
balances of Note 7 and Note 8 (as those terms are defined
below) at the per diem rates specified below from
December 4, 2018, to the date of the entry of this Order, as
well as court costs, and post-judgment interest at the rate
prescribed by statute. Upon proper and timely notice to all
parties in interest, and upon consideration of the Motion and
the remainder of the record in this matter, the Court makes
the following FINDINGS OF FACT AND CONCLUSIONS OF
Credit is an agricultural credit association and part of the
Farm Credit System, a nationwide network of cooperative
lending institutions created pursuant to federal law. Farm
Credit's principal office is 106 Sangers Lane, Staunton,
Virginia 24401, and Farm Credit is a citizen of Virginia for
jurisdictional purposes pursuant to 12 U.S.C. § 2258.
Defendants are residents of Randolph County, West Virginia.
Court has subject matter jurisdiction over this civil action
pursuant to 28 U.S.C. §1332(a)(1) because there is
complete diversity among the Plaintiff and the Defendants and
the amount in controversy exceeds $75, 000.00, exclusive of
interest and costs.
Venue is proper in this judicial district pursuant to 28
U.S.C. § 1391(b)(1) because Defendants reside in this
January 20, 2017, Defendants executed a Fixed Rate Note
payable to Farm Credit in the original principal amount of
One Hundred Fifty-Nine Thousand One Hundred Fifty and 00/100
Dollars ($159, 150.00) ("Note 7").
7 matured on January 1, 2018 (the "Note 7 Maturity
Defendants defaulted on Note 7 by failing to tender the final
installment payment on the Note 7 Maturity Date, and a notice
outlining Defendants' right to restructure Note 7 (the
"Borrowers' Rights Notice") was sent to
Defendants on January 26, 2018.
Defendants failed to exercise their right to restructure Note
7. As a result, Defendants remained in default on Note 7, and
Farm Credit sent Defendants a notice of default and right to
cure on March 27, 2018 (the "Note 7 Default
Defendants failed to cure their default, and pursuant to the
terms of Note 7, Farm Credit demanded immediate payment of
the entire unpaid balance due and payable thereunder.
April 18, 2018, Farm Credit notified Defendants of its demand
that Defendants immediately pay the entire unpaid balance due
and payable under Note 7 (the "Note 7 Demand
Defendants did not repay the indebtedness evidenced by Note 7
after receiving the Note 7 Demand Notice.
indebtedness due and owing to Farm Credit under Note 7 as a
result of the ...