SAIPAN, CNMI (Marianas Variety, Jan. 10) - Bank of Hawaii has filed a lawsuit against former Board of Education chairman and businessman Anthony Pellegrino, his wife and their company for failing to pay $404,049 in loan plus interest.

The bank, through counsel John D. Osborn, sued Anthony Pellegrino, Eileen O. Pellegrino and Marine Revitalization Corp. It also named as co-defendants Bank of Saipan, the CNMI government, the Department of Finance and the Division of Revenue and Taxation which have claims or interest in the mortgaged property or collateral.

Bank of Hawaii asked the Superior Court to order the Pellegrinos and MRC to pay the bank $384,972 in principal amount plus $19,077 in accrued interest.

The bank sought for an order determining the validity and priority of the tax lien of the government as well as Bank of Saipan’s claim on the mortgage.

Bank of Hawaii requested the court to foreclose the security interest and mortgage and forever bar defendants from any lien, estate, interest or title to the property or collateral. It asked the court to order that the mortgaged property and collateral be sold to satisfy the judgment.

Pellegrino declined to comment.

Osborn stated in the complaint that on July 1, 1999, Bank of Hawaii and MRC entered into a term loan agreement to which the bank agreed to loan to MRC $556,107.

MRC executed a promissory note and the Pellegrinos guaranteed payment of their obligation.

Osborn said MRC executed to Bank of Hawaii a security agreement that granted the bank a security interest in and to collateral of a 1,767 square meters residential property in Sadog Tasi.

January 10, 2003

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