WATERTOWN, S.D.(Press Release)- In a lawsuit filed with the Third Judicial Circuit Court in Codington County, Red River State Bank (RRSB), based in Minnesota, is suing multiple parties over alleged loan defaults. The defendants in the complaint include Generations on 1st, LLC, Craig Holdings, LLC, Watertown Development Company, Mulinda Craig, Jesse Craig, and Codington County.

According to the complaint, RRSB alleges that Generations on 1st, LLC, and Mulinda Craig defaulted on a series of promissory notes totaling over $22 million. The notes were secured by personal property and real estate in Watertown, South Dakota. The lawsuit outlines the details of these notes, including specific dates and amounts. RRSB seeks judgment against these defendants for the outstanding balances on the loans.

Generations LLC owes RRSB money on two sets of notes: Generations Notes and Mulinda Notes. The total amount owed on the Generations Notes is $8,829,798.64. The total amount owed on the Mulinda Notes is $4,512,979.96.

RRSB is essentially asking for a judgment against Generations LLC and Jesse Craig for the amount owed on the Generations Notes, a judgment against Mulinda Craig for the amount owed on the Mulinda Notes, possession of the collateral securing the Generations Notes and Mulinda Note, foreclosure on the mortgaged real property, appointment of a receiver to manage the real property, and reimbursement for attorneys’ fees and costs.

Nine promissory notes, dating back to March 2021, labeled First Generations to Ninth Generations, and dated April 2023, are involved in this case.

The most recent filings in the case were on July 19, 2024. The court will likely issue a decision on this motion soon. A hearing is also scheduled on RRSB’s motion for partial summary judgment, but no date has been set yet.