Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Starner v. Merchants Holding LLC

Court of Appeals of Ohio, Tenth District

March 29, 2018

Jeffrey Starner, Plaintiff-Appellee,
v.
Merchants Holding LLC, Defendant-Appellant.

          APPEAL from the Franklin County Court of Common Pleas C.P.C. No. 15CV-9115

         On brief:

          Thomas C. Loepp, Law Offices Co., LPA, and Thomas C. Loepp, for appellee.

         Argued:

          Thomas C. Loepp.

         On brief:

          Brunner Quinn, Rick L. Brunner, and Patrick M. Quinn, for appellant.

         Argued:

          Patrick M. Quinn.

          DECISION

          DORRIAN, J.

         {¶ 1} Defendant-appellant, Merchants Holding LLC, appeals the July 28, 2017 decision and entry of the Franklin County Court of Common Pleas. For the following reasons, we affirm.

         I. Facts and Procedural History

         {¶ 2} This matter arises out of appellant's purchase of businesses from plaintiff-appellee, Jeffrey Starner. On July 18, 2014, the parties executed a Stock and Membership Interest Purchase Agreement (the "agreement"). Pursuant to the agreement, appellant received the businesses in exchange for its execution of a cognovit note for the principal amount of $400, 000 together with interest as set forth in the note. The cognovit note provided in pertinent part as follows:

FOR VALUE RECEIVED, Merchants Holding, LLC * * * ("Borrower"), promises to pay to the order of Jeffrey Starner ("Lender, " which term shall include any subsequent holder hereof), * * * the principal sum of Four Hundred Thousand Dollars (U.S. $400, 000.00) (the "Principal Sum"), together with interest, at the rates and in the manner hereinafter set forth.
1. INTEREST
1.1 Interest will accrue on the outstanding balance of the Principal Sum from the date hereof until this Note is paid in full at a rate of Six and 00/100ths Percent (6.00%) per annum, subject to the applicability of the Default Rate as provided below.
2. PAYMENTS
2.1 This note shall be payable as follows:
(i) Commencing on February 15, 2015 and on the 15th day of each month thereafter thru and including June 15, 2016, interest only payments of $2, 000;
(ii) Commencing July 15, 2016 and on the 15th day of each month thereafter thru and including June 15, 2019, principal and interest payments of $3, 487.04; and
(iii) On July 15, 2019, unless sooner paid or declared due and payable in accordance with Subsection 5.2 of this Note, the balance, $359, 119.84.
Payments received will be applied in the following order: (i) to accrued interest ...

Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.