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First National Bank of Paragould Requests Holliday PayLock Icon

2 min read

First National Bank of Paragould wants to move forward with its efforts to collect its debts from disgraced former Craighead County Clerk Jacob “Kade” Holliday.

As you know, the 32-year-old filed for Chapter 7 bankruptcy liquidation last month, listing $3.8 million in debts and $1.6 million in assets in his Oct. 1 filing in U.S. Bankruptcy Court.

The bank has asked U.S. Bankruptcy Judge Phyllis Jones for permission to move forward on its collection efforts against Holliday.

FNB said in its motion that Holliday had two delinquent loans with the bank, totaling nearly $530,000 as of Oct. 29, according to the filing by the bank’s attorney, Angela Rice.

He took out a $203,000 loan from the bank in November 2019 to buy a single-family home in Jonesboro, the bank said.

In December 2019, Holliday also borrowed $319,200 in the name of his company, Holliday Development & Management LLC. He personally guaranteed the loan and used a home as collateral. Both loans are in default, the bank said.

It asked Jones to allow it to move forward to “enforce its liens in the real property” used as collateral to secure the loans.

The trustee in the case, Hamilton Mitchell of Little Rock, said in a court filing that the bank’s request should be denied.

“The Trustee reasonably believes there is substantial equity in the two properties … and the properties are of consequential value to the bankrupt estate,” Mitchell wrote.

A hearing on the motion is scheduled for Nov. 17.

Holliday also is dealing with criminal charges in connection with allegations that he stole money while he was the Craighead County clerk.

Holliday has been charged criminally in Craighead County Circuit Court with 13 counts of theft, one count of abuse of office and one count of forgery.

Holliday has not entered a plea. He had a court appearance scheduled for Oct. 29, but that has been delayed until Feb. 23.

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