CJ-2025-495 - Legacy Bank v. TP Investments LLC

What's This Case About?

Let’s be real: most of us are just trying to pay off a car loan or a credit card without getting a collection call. But Travis and Petra Simpson? They signed two unlimited personal guarantees on a commercial real estate loan, defaulted on it, and now a bank is coming for their house—well, a house, possibly the house—over a debt that ballooned to nearly a quarter of a million dollars. And no, this isn’t Succession or Billions. This is Payne County, Oklahoma. Population: 70,000. Drama level: unexpectedly high.

So who are these people? On one side, we’ve got Legacy Bank, a local Oklahoma bank with the kind of name that sounds like it should be run by your grandpa’s best friend—solid, trustworthy, maybe a little too fond of pocket protectors. They’re the plaintiff, the ones holding the paper, and they’re not messing around. On the other side: TP Investments LLC, a business entity that sounds like it was named during a particularly aggressive round of domain name brainstorming. But behind the LLC? Travis T. Simpson, and his wife, Petra Simpson, both Edmond residents, both now staring down a foreclosure hammer because they personally promised—in writing, in triplicate, with interest—that they’d cover the debt if things went sideways. Which, of course, they did.

Now, let’s set the scene. August 2, 2021. The world is still figuring out post-pandemic normalcy. People are buying Pelotons they’ll never use and investing in questionable side hustles. Travis, through his LLC, TP Investments, decides to buy a piece of commercial property at 901 N Benjamin Street in Stillwater, Oklahoma—a modest little spot in Payne County, right near Oklahoma State University. Maybe it’s a rental. Maybe it’s a flip. Maybe it’s a future kombucha bar. We don’t know. But we do know he didn’t pay cash. Instead, he borrowed $121,455.06 from Legacy Bank, signing a 20-year promissory note with a fixed interest rate of 4.993% for the first two years, then a variable rate tied to the Wall Street Journal’s prime rate, with a floor so it never dips below that same 4.993%. Sounds reasonable, right? Long-term loan, low initial rate, plenty of time to make it work.

But here’s the catch: to get that loan, Travis didn’t just pledge the property. He—and his wife Petra—also signed unlimited continuing commercial guaranties. That means if the LLC can’t pay, the bank can come after them, personally, for every penny, plus interest, fees, and whatever else the contract allows. It’s like cosigning your kid’s student loan… except the kid is a business entity you control, and the loan is for a building you probably thought would pay for itself.

Fast forward to August 3, 2025. The payment is due. And… crickets. No check. No call. No “Hey, we’re having a rough quarter.” Just silence. The default kicks in. And when Legacy Bank says “default,” they don’t mess around. They invoke the nuclear option in the contract: acceleration. That means the entire unpaid balance—principal, interest, the whole enchilada—becomes due immediately. And not at the nice, cozy 4.993%. Oh no. Now they’re charging the default rate of 13.5%, which, let’s be honest, is the financial equivalent of a “you had one job” text at 2 a.m.

By November 5, 2025, the bank claims the debt has grown to $117,061.83—$111k in principal, $5.7k in interest, and climbing at $41.76 per day. But wait! That’s not the number in the final demand. Because when the bank files its petition on November 7, they’re asking for $214,899.64—more than double the original loan. How? Well, the filing says that includes accrued interest of $22,258.55 as of October 29, 2025, and a new default rate of 13.75%, which adds $82.08 per day in interest. Either the math is spicy, or someone really miscalculated their cash flow. Or both.

So why are we in court? Legacy Bank is making three moves, and they’re all classic “we’re done playing nice” energy. First, breach of the promissory note—TP Investments didn’t pay, so the bank wants a judgment for the full amount. Second, foreclosure—they want to sell the property at 901 N Benjamin Street to cover the debt, with a court-ordered appraisal because Oklahoma law lets them choose that route (apparently, they want to make sure they’re not lowballing the asset). And third, breach of the guarantees—since Travis and Petra personally promised to pay, the bank is coming after them, not just the LLC. That’s the nuclear warhead of small-business lending: when the corporate veil doesn’t protect you because you voluntarily poked holes in it with your signature.

Now, let’s talk about the $214,899.64 demand. Is that a lot? For a loan that started at $121k? Yeah, kind of. But here’s the thing: commercial loans aren’t like mortgages on your starter home. They’re riskier, shorter-term, and often come with brutal penalties for default. And while $215k might sound like a lot for a property in Stillwater, it’s not crazy in the grand scheme of real estate. The bigger issue isn’t the amount—it’s the leverage. The bank isn’t just after the building. They’re after everything. And thanks to those unlimited guarantees, Travis and Petra aren’t just risking the investment. They’re risking their personal net worth. That house in Edmond? The savings account? The vintage Camaro in the garage? All potentially on the table.

So what’s our take? Look, banks have to enforce contracts. That’s how capitalism doesn’t collapse into a free-for-all. But the sheer enthusiasm with which Legacy Bank is wielding this financial flamethrower is… theatrical. A 20-year loan, barely four years in, and boom—full acceleration, personal liability, foreclosure with appraisement, and a demand for attorney’s fees? It’s like serving a pink-slip cappuccino with a side of existential dread.

The most absurd part? The unlimited personal guarantees. These aren’t rookie mistakes. Travis and Petra Simpson signed two of them. On the same loan. It’s like agreeing to pay for your friend’s skydiving accident and their emotional therapy afterward. And now the bank is treating them like walking ATMs. Are we rooting for the Simpsons? Not exactly. But we’re definitely rooting for anyone who learns the hard way that “unlimited” means unlimited—and that in the world of commercial lending, the fine print doesn’t just bite. It devours.

So grab your popcorn, Payne County. This one’s going to be a foreclosure thriller with all the drama of a telenovela, but with more amortization schedules and significantly fewer evil twins.

Case Overview

$214,900 Demand Petition

Jurisdiction

District Court, Oklahoma

Filing Attorney

Michael N. Brown, Kathryn N. Nelson

Legacy Bank

Relief Sought

$214,900 Monetary

Injunctive Relief

Plaintiffs

Legacy Bank business
Rep: Michael N. Brown, OBA #10219; Kathryn N. Nelson, OBA #35696

Defendants

TP Investments LLC business
Travis T. Simpson individual
Petra Simpson individual

Claims

#	Cause of Action	Description
1	breach of promissory note	Borrower failed to make payments due under the Note
2	foreclosure of mortgage	Legacy seeks to foreclose its mortgage lien on the Premises
3	breach of guarantees	Guarantors failed to pay the debt

Petition Text

1,312 words

IN THE DISTRICT COURT OF PAYNE COUNTY STATE OF OKLAHOMA LEGACY BANK, an Oklahoma state banking corporation, Plaintiff, vs. TP INVESTMENTS LLC, an Oklahoma Limited Liability Company; TRAVIS T. SIMPSON, an individual; and PETRA SIMPSON, an individual; Defendants. Case No. CJ-2025-495 PETITION Legacy Bank, for its claims against Defendants, alleges and states as follows: JURISDICTION AND VENUE 1. Plaintiff, Legacy Bank ("Legacy"), is an Oklahoma state banking corporation. 2. Defendant, TP Investments LLC ("Borrower"), is an Oklahoma limited liability company. 3. Defendants, Travis T. Simpson and Petra Simpson (individually and collectively "Guarantors"), are individuals and residents at 3308 Winding Creek Circle, Edmond, Oklahoma. 4. The real property that is the subject of this action is located in Payne County, Oklahoma. Accordingly, venue in this Court is proper pursuant to OKLA. STAT. tit. 12 § 131(1)(c). FIRST CLAIM – BREACH OF PROMISSORY NOTE 11733019 Legacy, and for its First Claim against the Borrower, incorporates by reference Paragraphs 1 through 5, inclusive of this Petition, and further alleges and states as follows: 5. On August 2, 2021, and for good and valuable consideration, Borrower made, executed, and delivered to Legacy its Promissory Note No. 11733019 (the “Note”) in writing, for the original principal sum of $121,455.06, together with interest thereon at the rate of 4.993% for the first 24 months then a variable rate of 1.003% above the Wall Street Journal prime lending rate per annum, with a floor interest rate of 4.993% per annum (based upon a year of 360 days). 6. The Note has a maturity date of August 1, 2041, on which date all principal and outstanding accrued interest is due and payable. 7. Events of default have occurred and continue under the Note since August 3, 2025, to wit: Borrower failed or refused to make the payments due on, from, and after August 3, 2025. 8. Legacy has elected, as provided in the Note, to declare the entire unpaid principal balance under the Note and all accrued unpaid interest immediately due, and the default variable interest rate of 13.503% per annum provided under the Note is being assessed. As of November 5, 2025, the total balance due and owing on the Note consists of the principal sum of $111,330.58, accrued interest in the amount of $5,731.25 through November 5, 2025, together with interest which is continuing to accrue from November 6, 2025, until fully paid, at the default variable interest rate of 13.503% per annum, with a per diem of $41.76. 9. The Note provides that Legacy may recover from Borrower Legacy’s costs and attorneys’ fees incurred in enforcing the Note. 10. Legacy has employed an attorney for the purposes of collecting the balance due and owing from Borrower pursuant to the Note, and Legacy is entitled to its reasonable attorneys’ fees therefore, all as more particularly provided by the terms of the Note and OKLA. STAT. tit. 12 § 936. SECOND CLAIM – FORECLOSURE OF MORTGAGE Legacy, and for its Second Claim against Borrower, incorporates by reference Paragraphs 1 through 11, inclusive of this Petition, and further alleges and states as follows: 11. On or about August 5, 2021, and for the express purpose of securing the payment of the Note, Borrower made, executed, and delivered to Legacy a certain mortgage in writing dated August 2, 2021 (the “Mortgage”). 12. The Mortgage was duly executed, acknowledged, mortgage tax paid thereon, and recorded on August 5, 2021, in Book 2646, Page 881, in the office of the County Clerk of Payne County, Oklahoma. 13. The Mortgage covers the property described therein, together with all improvements and fixtures thereon and appurtenances thereto (the “Premises”), including, without limitation, the following: Lot Ten (10) in Bock Six (6), FIRST SECTION BROCKHART ADDITION to the City of Stillwater, Oklahoma, being a part of the Southwest Quarter (SW/4) of Section Twelve (12), Township Nineteen (19) North, Range Two (2) East of the Indian Meridian, in Payne County, State of Oklahoma. The Real Property or its address is commonly known as 901 N BENJAMIN ST, STILLWATER, OK 74075-7404. 14. By reason of Borrower’s default in the payment and performance of the Note, an Event of Default has occurred under the terms of the Mortgage, entitling Legacy to foreclose its mortgage lien against the Premises to satisfy the balance due and owing on the Note which is the subject of Legacy’s First Claim of this Petition. 15. The Mortgage provides that the Premises may be sold with or without appraisement at Legacy’s option, and Legacy hereby elects that the Premises be sold with appraisement. 16. The Mortgage provides that Legacy may recover from the Borrower costs and attorneys’ fees incurred in foreclosing the Mortgage. 17. Legacy has employed an attorney for the purposes of foreclosing its mortgage lien against the Premises, and is entitled to reasonable attorneys’ fees therefore, all as more particularly provided by the terms of the Mortgage and OKLA. STAT. tit. 42 § 176. THIRD CLAIM – BREACH OF GUARANTEES 29. On August 2, 2021, for the express purpose of inducing Legacy Bank to extend credit to Borrower, Travis T. Simpson executed and delivered to Legacy Bank his unlimited continuing commercial guaranty in which he absolutely and unconditionally guaranteed the payment and performance of the Note. 29. On August 2, 2021, for the express purpose of inducing Legacy Bank to extend credit to Borrower, Petra Simpson executed and delivered to Legacy Bank her unlimited continuing commercial guaranty in which she absolutely and unconditionally guaranteed the payment and performance of the Note. 30. Events of Default have occurred and continue under Guarantors’ commercial guaranty agreements. WHEREFORE, on the First and Third Claim of its Petition, Legacy prays that it have and recover a money judgment against Borrower and Guarantors for the balance due and owing on the Note, consisting of the principal sum of $214,899.64 as of October 29, 2025, accrued interest in the amount of $22,258.55 through October 29, 2025, together with interest which is continuing to accrue from October 30, 2025, until fully paid, at the default variable interest rate of 13.750% per annum, with a per diem of $82.08; that Legacy be awarded further judgment for its costs, together with reasonable attorney’s fees; and that the Court grant such other and further relief as may be deemed just and equitable. WHEREFORE, on the Second Claim of its Petition, Legacy prays that the Mortgage be declared a valid first, prior, and superior lien against the Premises, subject only to the payment of ad valorem taxes; that the Mortgage be foreclosed and the Premises be ordered sold to satisfy the money judgment in Legacy’s favor against Borrower for the balance due and owing on the Note, which is the subject of the First Claim of this Petition; that Defendants be required to appear and set forth any right, title, claim, or interest they have, or may have, in and to the Premises; that Legacy be awarded judgment for its costs, and advancements for taxes, insurance premiums, or expenses necessary for the preservation of the Premises, if any, together with a reasonable attorney’s fee; and that the proceeds arising from the sale of the Premises be applied to the payment of the costs herein, the payment and satisfaction of the judgment, mortgage, and lien of Legacy, and that the surplus, if any, be paid into the registry of Court to abide further order of the Court; and That all right, title, and interest of Defendants, if any, in and to the Premises be adjudged subject, junior, and inferior to the mortgage lien and judgment of Legacy, subject only to unpaid ad valorem taxes, and that upon confirmation of such sale, Defendants, and all persons claiming by, through, or under them, be forever barred, foreclosed, and enjoined from asserting or claiming any right, title, interest, estate, or equity of redemption in or to the Premises, or any part thereof; that Legacy be awarded further judgment for its costs, advances for taxes and insurance, together with reasonable attorney’s fees; and that the Court grant such other and further relief as may be deemed just and equitable. Dated this 7th day of November, 2025. Respectfully submitted, Michael N. Brown, OBA #10219 Kathryn N. Nelson, OBA #35696 LEGACY BANK 2801 W. Memorial Road Oklahoma City, OK 73134 (405) 936-1964 – Mike Brown (405) 936-1968 – Katie Nelson (405) 936-1966 – Facsimile [email protected] [email protected] ATTORNEYS FOR PLAINTIFF, LEGACY BANK