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UCDD To Pursue Legal Action For Delinquent Loan Payment

/ The Upper Cumberland's News Leader
UCDD To Pursue Legal Action For Delinquent Loan Payment

The Upper Cumberland Development District Executive Committee will pursue legal action for a delinquent loan payment.

At Wednesday’s meeting, Attorney Danny Rader said they have already sued Shane Woodward with Lone Wolf Transport and received judgment against him for $27,000. Rader said that is more than the actual loan itself, which came from disaster loan funds for businesses that have been impacted by COVID-19 at low-interest rates of 1-2 percent.

“He never made a single payment on the disaster loan,” Rader said. “So this is probably the most sinister of the delinquencies that you have. I’ve investigated and he doesn’t have any assets to go collect, he doesn’t have any property. ”

The judgment will last up to 10 years and can be renewed for another 10 years, so Rader said they will keep an eye on if Woodward ever gets more assets in the future. Rader said it appears Woodward now lives in Dawsonville, Georgia, and limits their ability to go collect after him further.

Rader said because it appears Woodward never intended to pay anything back and likely took it under fraudulent pretenses, they can ask the DA to prosecute him for taking a loan under those pretenses. Rader said that would put a warrant out for the Woodward if he were to ever be picked up by law enforcement in Tennessee.

“But that’s about the last straw that that we have with him,” Rader said. “But it appears this balance will be uncollectable regardless. It’s just a question of what to do about this individual who took advantage of the disaster loan.”

The Executive Committee also voted to write off three other delinquent loans of various amounts.


The post UCDD To Pursue Legal Action For Delinquent Loan Payment appeared first on News Talk 94.1/AM 1600.