Solid Gold Soul

October 7, 2009

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Toni Braxton

Toni Braxton

R&B diva Toni Braxton is being sued for breach of contract when she failed to pay the $900,000 promissory note she signed to City National Bank.

According to the lawsuit filed by the bank last year and obtained by, the 42-year-old multi-Grammy Award winner, who celebrates her birthday today, signed a promissory note in the sum of $900,000 in November 2007.

However, the sum plus interests were not paid when they came due on February 6, 2008. Braxton and CNB then entered into a Change in Terms Agreement a month after, wherein both agreed that the Maturity date of the promissory note was extended to May 6, 2008.

The amount was again not paid by the said date, prompting the parties to enter into another contract extending the deadline. This process was repeated for a couple more times.

CNB claims Braxton signed another promissory note, but she still breached her obligations when on April 1 this year she failed to pay the loan in full.

The bank is seeking $657,000 plus interest in excess of $44,000.

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