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Trust Assocs., Louis D. Brown, Trustee v. Snead

The plaintiff was not entitled to statutory attorneys' fees on three outstanding promissory notes where its prelitigation demand letter failed to identify the holder of the notes, failed to identify the indebtedness due and failed to specify that the debtor had 10 days from the date of the notice for payment prior to the imposition of sanctions.

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Trust Associates, Louis D. Brown, Trustee, loaned over $75,000 to Medical Consultation Network Corporation, evidenced by three one year promissory notes. Scott Snead and Fabio Mann personally guaranteed MCNC’s obligation. The notes provided for the payment of attorney fees in the amount of 15 if after default an attorney was retained to collect the sum owed. MCNC failed to make payments on the notes and was in default.

Trust Associates sued MCNC, Snead, and Mann; MCNC admitted entering into the notes and failing to make any payments. A default judgment was entered against MCNC for the entire amount, interest, attorney fees and costs. At a jury trial against Mann and Snead, a verdict and judgment was entered against them for $75,000 and for attorney fees. Trust Associates moved for a new trial, because interest was not set out in the verdict against Mann and Snead. Snead and Mann moved for a judgment notwithstanding the verdict as to the award of attorney fees. The trial court granted the JNOV as to the award of attorney fees and denied the motion for new trial as to interest. We affirm, because the demand notice for attorney fees failed to comply with the statute, and plaintiff waived any defect in the form of the verdict by not timely objecting to the general verdict when returned by the jury the second time without specifying principal and interest separately.

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