Vick defaults on $2.5M loan from Canadian bank, suit says

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And if the Road Warrior says it, it must be true..
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Vick defaults on $2.5M loan from Canadian bank, suit says

By MIKE MORRIS
The Atlanta Journal-Constitution

A Canadian bank has filed a federal lawsuit against Michael Vick claiming that the Falcons quarterback has defaulted on a $2.5 million line of credit taken out earlier this year.
According to the suit, filed last week in the eastern district of Virginia, Vick signed a promissory note payable to the Royal Bank of Canada on Jan. 18, and two days later executed a "borrower acknowledgement" stating that any advances would be for investiment in real estate, and that "such proceeds were not to be used primarily for personal, family or household purposes."
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The lawsuit claims that Vick is in default of the loan, which carried a balance last week of $2,313,694.37, for "numerous reasons," including that he failed to promptly provide a semi-annual personal financial statement and disclosure of his liquid assets as required by the loan.
The suit also claims that Vick is in default because of an "adverse change" in his employment "which could affect the borrower's ability to repay the note..."
The bank, which does business in the United States as RBC Centura, sent Vick a letter on August 31, demanding full payment by Sept. 10, a deadline Vick failed to meet, according to the suit.
 

Woah, woah, Daddy's wrong, Mommy's right.
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that is weak sauce. no bank defaults someone for those reasons. hell, most borrowers don't provide those statements until they receive notice of request to do so.
 

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