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Farm Credit of Virginias, A.C.A. v. Wallace

United States District Court, N.D. West Virginia

December 18, 2018

FARM CREDIT OF THE VIRGINIAS, A.C.A., Plaintiff,
v.
JAMES W. WALLACE and MARY P. WALLACE, Defendants.

          Eric Gadd, Spilman Thomas & Battle, PLLC., Counsel for Plaintiff.

          JUDGMENT ORDER

          Honorable John Preston Bailey, Judge.

         Before 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 LAW:

         FINDINGS OF FACT

         1. Farm 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.

         2. Defendants are residents of Randolph County, West Virginia.

         3. This 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.

         4. Venue is proper in this judicial district pursuant to 28 U.S.C. § 1391(b)(1) because Defendants reside in this judicial district.

         5. On 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").

         6. Note 7 matured on January 1, 2018 (the "Note 7 Maturity Date").

         7. 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.

         8. 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 Notice").

         9. 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.

         10. On 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 Notice").

         11. Defendants did not repay the indebtedness evidenced by Note 7 after receiving the Note 7 Demand Notice.

         12. The indebtedness due and owing to Farm Credit under Note 7 as a result of the ...


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