An exhibit in a legal dispute between the Michigan Republican Party and Comerica Bank has revealed that the troubled state party has been in default on loan repayments for more than 120 days.
The exhibit, which was flagged by Detroit News reporter Craig Mauger, is a notice of default that the party received last month alleging that the party missed interest loan payments for three consecutive months.
"The Note is a demand obligation, and Bank has the right at any time to make demand," the notice stated. "Bank will invoke the default rate of interest, which is the highest rate of interest under the Note if the Borrower does not cure the payment defaults... by December 15, 2023."
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According to Michigan Bridge reporter Jonathan Oosting, the party has not responded to the bank's demand letter.
Current Michigan Republican Party Chairwoman Kristina Karamo has been under siege by her fellow Republicans in recent weeks over her alleged financial mismanagement of the party.
A group of Michigan GOP members voted to oust Karamo earlier this month, but she has claimed their vote has no legal standing and has vowed to battle any attempt at removing her.
