Lawsuit filed by the First National Bank in Altus against Quartz Mountain Aerospace, Inc. (formerly Luscombe), First State Bank Altus, Oklahoma Industrial Finance Authority, the Altus Municipal Authority and Universal Funding Corporation.

Altus Venture a sister subsidary of First State Bank Altus is believed to be the major owners of Quartz Mountain Aerospace, Inc.

The suit by the bank seeks foreclosure action against the aircraft corporation in connection with loans of $250,000 in 2005 and $200,010 in 2006. The suit filed in Jackson County District Court requests that equipment of the firm be sold to cover the debt. They also allege that the banks earlier loans should be paid off ahead of later loans that were provided through the Municipal Authority.

In The District Court And For Jackson County State Of Oklahoma

First National Bank In Altus
Quartz Mountain Aerospace
Case   CJ-09-00012
Date Filed   01/13/2009
Plaintiff   First National Bank In Altus - Altus Ok
Defendant   Quartz Mountain Aerospace
Defendant   First State Bank Of Altus - Altus Ok
Defendant   Oklahoma Industrial Finance Authority
Defendant   Altus Municipal Authority
Defendant   Universal Funding Corporation
Judge   Darby, Richard B.
Plaintiff Atty.   Vernon, Rick K. - Altus Ok

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