Metro City Councilman for District 5, Nevada ‘Scott’ Davis’ had a six-figure debt lawsuit filed against him in a late Friday afternoon filing. The lawsuit alleges that Davis is in default of a promissory note, and currently owes $302,887.95 due to defaulting on the note. As part of the Metro Council, Davis is responsible for voting on matters that responsibly spend the city’s money and manage its budget.
The promissory note was executed on May 1st, 2017, detailing that Davis agreed to pay $230,000.00 plus interest at a rate of 12% per annum until maturity, plus 3% of the principal as a transaction fee, plus a late fee of 10% of the overdue amount that remained unpaid more than one day after its due date.
The maturity date was set for November 1st, 2017, but according to the suit, Councilman Davis has failed to pay in accordance with the terms of the note, and is now in default. The plaintiff is seeking the principal amount due of $302,887.95, in addition to interest, attorney fees, and all other associated costs of the filed action.