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McKillen's Loan Dispute: Illegal Penalty or Legitimate Debt?
Description
Businessman Patrick McKillen Jr. faces a three million dollar loan dispute with Herbert Street Property Finance. McKillen argues the loan agreement is invalid due to lack of Central Bank authorization, while Herbert Street Finance contends it was a business loan for an apartment development. McKillen also challenges a one million dollar interest charge, claiming its an illegal penalty. The court is examining the case, with Herbert Street Finance seeking a bankruptcy order and judgment for over two million dollars.
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