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Watertown Trust goes after parents of delinquent borrowers

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The Watertown Trust plans to hire an Arizona attorney to seek delinquent payments from the now-defunct Fort Drum Vehicle Storage by going after the former owner’s parents, who guaranteed the business loan.

The Arizona lawyer would search for the address of the two guarantors, any property they own in Arizona, bank accounts they have and where they are employed, said Donald W. Rutherford, the CEO of the Watertown Local Development Corp., also known as the Watertown Trust.

Jenny and Peter O. Sanchez Jr., both of Gold Canyon, Ariz., were signers of “unlimited continuing guaranties” on the loan $105,000 loan given to the business in 2009.

They are the parents of JoAnn Sanchez-Norquist, who had owned the vehicle storage company with her husband, John S. Norquist. Their whereabouts is not known, although she was believed to be living in Las Vegas.

Local attorney Stephen Gebo, who was hired by the trust to go after the company for the unpaid loan, has arranged for Phoenix attorney Brad Delaney to handle the matter for the WLDC. Plans could include garnishing the parents’ wages.

“It would be nice if we can collect some of our money,” Mr. Gebo said.

Ms. Sanchez-Norquist executed a note and security agreement May 13, 2009, in which she promised to repay $105,000, plus interest, to the Watertown Trust. So far, the Watertown Trust has spent $6,300 in efforts to seek the unpaid loan, Mr. Rutherford said. The Arizona collection efforts will cost between $2,000 and $3,000. The business still owes the trust $28,000,

Fort Drum Vehicle Storage was formed in 2005 mainly to serve deploying soldiers in need of a place to store their vehicles. It had gone through tumultuous financial times after losing its West Main Street warehouse to back taxes.

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