PrinsBank v. Powell, et al.

Filing 37

JUDGMENT AND DECREE OF FORECLOSURE: It is the ORDER, JUDGMENT, and DECREE of the court as follows: Judgment is therefore entered in favor of PrinsBank and against Glen E. Powell, John Ashley Cravey, Johnny Wayne Cravey and Sonny Wayne Cravey in the a mount of $5,569,097.81 plus per diem interest of $594.87 from November 20, 2015 until the indebtedness is satisfied as further set out in the judgment; Judgment is entered in favor of PrinsBank and against John Ashley Cravey on the October 10 Note in the amount of $56,877.22 plus per diem interest of $7.11 from November 20, 2015 until the indebtedness is satisfied; Judgment is therefore granted to PrinsBank to foreclose on its mortgage liens on the properties described in the above-referenced mortgages; PrinsBank shall publish notices of sale for three consecutive weeks and conduct the sales of the properties in accordance with the terms set out in the notices of sale. PrinsBank shall execute and deliver a foreclosure de ed to the successful bidder upon payment of the bid price in certified funds payable to PrinsBank. The foreclosure deeds conveying the properties shall be submitted to the Court for confirmation following the sale. The expenses associated with the fo reclosure sale shall be taxed as costs to the Defendants. If PrinsBank is the successful bidder, PrinsBanks bid price shall constitute a credit against the monetary judgment entered against the Defendant as set forth above; Upon confirmation by the C ourt, the foreclosure of the properties shall be final and Defendants statutory right of redemption, to the extent such right exists with each Defendant, shall expire one year therefrom; This Court shall retain jurisdiction to enforce the terms of th is final judgment. The clerk of the court is DIRECTED to enter this document on the civil docket as a final judgment pursuant to Rule 58 of the Federal Rules of Civil Procedure. This case is closed. Signed by Honorable Judge Myron H. Thompson on 11/23/2015. (Attachments: # 1 Civil Appeals Checklist) Copies furnished to calendar group, AG. (Deadlines terminated: Non-Jury Trial set for 1/11/2016 and Final Pretrial Conference set for 12/9/2015)(dmn, )

IN THE DISTRICT COURT OF THE UNITED STATES FOR THE
MIDDLE DISTRICT OF ALABAMA, NORTHERN DIVISION
PRINSBANK, a Minnesota
banking corporation,

)
)
)
Plaintiff,
)
)
v.
)
)
GLEN E. POWELL, an
)
individual; BARBARA C.
)
POWELL, an individual;
)
JOHNNY W. CRAVEY, an
)
individual; SONNY WAYNE
)
CRAVEY, an individual;
)
JOHN ASHLEY CRAVEY, an
)
individual; LISA S.
)
CRAVEY, an individual; and )
HEATHER CRAVEY, an
)
individual, and OLLIE
)
CRAVEY, an individual,
)
)
Defendants.
)

CIVIL ACTION NO.
2:15cv64-MHT
(WO)

JUDGMENT AND DECREE OF FORECLOSURE
This matter comes before the court upon plaintiff
PrinsBank’s

motion

for

summary

judgment

against

defendants Glen Powell, Barbara Powell, Johnny Cravey,
Sonny Wayne Cravey, John Ashley Cravey, Lisa S. Cravey,

Heather

Cravey,

and

Ollie

“Defendants”).

Based on

parties

the

during

Cravey

(collectively,

the representations of the

conference

call

on

the

record

November 18, 2015, during which all parties agreed that
Prinsbank has met the requirements for entry of summary
judgment under Federal Rule of Civil Procedure 56, and
based upon the court’s review of the motion, the court
finds that Prinsbank has met the requirements for entry
of summary judgment under Rule 56.
According,

it

is

ORDERED

that

the

motion

for

summary judgment (doc. no. 32) is granted, and it is
the

ORDER,

JUDGMENT,

and

DECREE

of

the

court

as

follows:
1. Defendant Glen E. Powell (“Powell”) and Defendants
John Ashley Cravey, Johnny Wayne Cravey and Sonny
Wayne

Cravey

defaulted
pursuant

on
to

(collectively,
a

loan

that

the

transaction

certain

“Craveys”)
with

Promissory

have

PrinsBank
Note

dated

April 27, 2004 in the original principal amount of
2

$2,010,000.00 that was later extended and modified
by the April 27, 2005 Change in Terms Agreement and
thereafter

reaffirmed

and

modified

Settlement

Agreement

and

Loan

by

the

Modification

Agreement entered into on September 5, 2013 (the
“April 27 Note”);
2. Powell and the Craveys also defaulted on a loan
transaction with PrinsBank pursuant to that certain
Promissory

Note

dated

April

26,

2004

in

the

original principal amount of $1,060,119.00 that was
later extended and modified by the April 25, 2005
Change in Terms Agreement thereafter reaffirmed and
modified

by

the

Settlement

Agreement

and

Loan

Modification Agreement entered into on September 5,
2013 (the “April 26 Note”);
3. John Ashley Cravey defaulted on a loan transaction
with PrinsBank pursuant to that certain Promissory
Note

dated

principal

October
amount

10,

2002

of

$40,000.00

3

in

the

original
thereafter

reaffirmed and modified by the Settlement Agreement
and

Loan

Modification

Agreement

entered

into

on

September 5, 2013 (the “October 10 Note,”);
4. Defendants
Johnny

Glen

Wayne

E.

Cravey

Powell,
and

John

Sonny

Ashley

Wayne

Cravey,

Cravey

are

indebted to PrinsBank on the April 27 Note in the
amount of $3,718,401.10.

This amount consists of

$2,201,283.45 in unpaid principal and $1,517,117.65
in

accrued

in

unpaid

interest.

PrinsBank

is

further entitled to per diem interest of $366.88
from September 10, 2015 through November 20, 2015
totaling $26,048.48;
5. Defendants
Johnny

Glen

Wayne

E.

Cravey

Powell,
and

John

Sonny

Ashley

Wayne

Cravey,

Cravey

are

indebted to PrinsBank on the April 26 Note in the
amount of $1,808,460.94.

This amount consists of

$1,059,071.55 in unpaid principal and $749,389.39
in

accrued

and

unpaid

interest.

PrinsBank

is

further entitled to per diem interest of $227.99
4

from September 10, 2015 through November 20, 2015
totaling $16,187.29;
6. Defendant

John

Ashley

Cravey

is

indebted

to

PrinsBank on the October 10 Note in the amount of
$56,372.41.

This amount consists of $34,143.54 in

unpaid principal and $22,228.87 in accrued and in
unpaid interest.

PrinsBank is further entitled to

per diem interest of $7.11 from September 10, 2015
through November 20, 2015 totaling $504.81;
7. Judgment is therefore entered in favor of PrinsBank
and against Glen E. Powell, John Ashley Cravey,
Johnny Wayne Cravey and Sonny Wayne Cravey in the
amount of $5,569,097.81 plus per diem interest of
$594.87

from

November

20,

2015

until

the

indebtedness is satisfied;
8. Judgment

is

entered

in

favor

of

PrinsBank

and

against John Ashley Cravey on the October 10 Note
in the amount of

$56,877.22 plus per diem interest

5

of

$7.11

from

November

20,

2015

until

the

indebtedness is satisfied;
9. The Defendants’ indebtedness on the April 27 Note,
April 26 Note, and October 10 Note is secured by
the mortgage liens in favor of PrinsBank pursuant
to the following mortgages:
a. Powell and Barbara C. Powell signed a Mortgage
dated June 27, 1996 and recorded in the probate
records of Covington County in Book 920, page
909, assigned to and held by PrinsBank, that
contains

a

dragnet

provision

that

secures

borrower’s obligations under the April 25 Note
and April 27 Note;
b. In conjunction with the April 27 Note, Powell
and

Barbara

Powell

signed

an

additional

Mortgage dated April 27, 2004 and recorded in
the probate records of Covington County in Book
2004,

page

9125,

assigned

6

to

and

held

by

PrinsBank,

that

secures

borrower

Powell’s

obligations under this Note;
c. John Ashley Cravey and Heather Cravey signed a
Mortgage dated April 27, 2004 and recorded in
the probate records of Covington County in Book
2004,

page

PrinsBank,

9141,

assigned

that

secures

to

and

the

held

by

borrowers’

obligations under the April 27 Note;
d. John Ashley Cravey and Heather Cravey signed a
Mortgage dated October 10, 2002 and recorded in
the probate records of Covington County in Book
2002,

page

21895,

assigned

to

and

held

by

PrinsBank, that secures borrower John Ashley
Cravey’s obligations under the October 10 Note;
e. John

Ashley

Cravey

signed

an

additional

Mortgage dated April 27, 2004 and recorded in
the probate records of Covington County in Book
2004,

page

9131,

assigned

7

to

and

held

by

PrinsBank,

that

also

secures

the

borrower’s

obligations under the April 27 Note;
f. Sonny Wayne Cravey and Lisa S. Cravey signed an
additional Mortgage dated April 27, 2004 and
recorded in the probate records of Covington
County in Book 2004, page 9110, assigned to and
held by PrinsBank, that also secures borrowers’
obligations under the April 27 Note;
g. Johnny Wayne Cravey and Ollie Cravey signed a
Mortgage dated April 27, 2004 and recorded in
the probate records of Covington County in Book
2004,

page

PrinsBank,

9118,

assigned

that

to

secures

and

the

held

by

borrowers’

obligations under the April 27 Note;
h. Sonny W. Cravey, Lisa S. Cravey, John Ashley
Cravey

and

Johnny

Wayne

Cravey

signed

a

Mortgage dated May 20, 2003 and recorded in the
probate
2004,

records
page

of

5626,

Covington
assigned

8

County

to

and

in
held

Book
by

PrinsBank,

that

secures

the

borrowers’

obligations under the April 27 Note;
i. Sonny W. Cravey and John Ashley Cravey signed a
Mortgage dated April 7, 2014 and recorded in
the probate records of Covington County in Book
2014,

page

PrinsBank,

4896,

in

that

favor

secures

of

and

the

held

by

borrowers’

obligations under the October 10 Note, April 25
Note, and April 27 Note;
10.

Judgment is therefore granted to PrinsBank to

foreclose on its mortgage liens on the properties
described in the above-referenced mortgages;
11.

PrinsBank

shall

publish

notices

of

sale

for

three consecutive weeks and conduct the sales of
the properties in accordance with the terms set out
in the notices of sale.

PrinsBank shall execute

and deliver a foreclosure deed to the successful
bidder upon payment of the bid price in certified
funds payable to PrinsBank.
9

The foreclosure deeds

conveying the properties shall be submitted to the
Court for confirmation following the sale.

The

expenses associated with the foreclosure sale shall
be taxed as costs to the Defendants.
is

the

shall

successful
constitute

bidder,
a

credit

If PrinsBank

PrinsBank’s
against

the

bid

price

monetary

judgment entered against the Defendant as set forth
above;
12.

Upon confirmation by the Court, the foreclosure

of the properties shall be final and Defendants’
statutory right of redemption, to the extent such
right exists with each Defendant, shall expire one
year therefrom;
13.

This Court shall retain jurisdiction to enforce

the terms of this final judgment.
The clerk of the court is DIRECTED to enter this
document

on

the

civil

docket

10

as

a

final

judgment

pursuant

to

Rule

58

of

the

Federal

Rules

of

Procedure.
This case is closed.
DONE, this the 23rd day of November, 2015.
/s/ Myron H. Thompson
UNITED STATES DISTRICT JUDGE

Civil