Community Futures Big Country is taking legal action to recover funds it lent to the Drumheller Stampede and Ag Society.
The Drumheller Mail has secured court documents filed on January 31 at the Court of Queen’s Bench in Drumheller. Community Futures has filed a Statement of Claim demanding payment from the Ag Society of over $30,000.
The claim alleges that Community Futures Big Country loaned the Ag Society $40,000 on May 4, 2010, repayable with interest at the rate of 10 per cent per annum. Payments were to commence on June of that year.
According to the document, the loan was paid from June 2010 to December 2011. The January 2012 payment was missed, however, payments were made in February and March, with March of 2012 being the last one completed.
The statements are allegation and have not been proven in court.
The Statement of Claim is seeking a remedy of a judgment against the Ag Society in the amount of $30,154.55 as of January 30, 2013. It also asks for interest at the agreed rate and costs.
Mike Hansen, president of the Drumheller Stampede and Ag Society, chose not to comment on the Statement of Claim.
According to the document, the defendant has 20 days, if served in Alberta, to respond. Failing to respond to the statement risks possibly losing the lawsuit automatically.
