EXCLUSIVE: Bank Sues Toni Braxton For Failing To Pay On 900k Loan

Oct. 5 2009, Published 10:00 a.m. ET

City National Bank is suing pop diva, Toni Braxton for breach of contract in regards to a $900k promissory note.

According to court docs, Braxton “on or about November 20, 2007, for value received, Braxton made, executed and delivered to a CNB Promissory Note for $900,000.00."

PHOTO: Toni Braxton On The Red Carpet At 2009 Divas

Toni Braxton encountered financial problems and the financial arrangement was reneogatied in February 2008. However, on April 1, 2009, Toni fell behind in payments. The court docs state, "pursuant to the agreement, the outstanding balance on the agreement as of June 5, 2009, was $657,567.54."