Georgia Primary Bank filed the lawsuit in Fulton Superior Court on Oct. 18 against the 61-year-old Erving and his corporation, The Erving Group Inc. of Atlanta.
The Atlanta Journal-Constitution reports the lawsuit says Erving's company was given a $1 million line of credit in April 2009, which was due the following April. It says a balance of $205,277.84 has not been paid.
Erving, better known as Dr. J, purchased the Heritage Golf Club in suburban Atlanta in 2006. The club went into foreclosure last year.
Erving was a member of the NBA champion 1983 Philadelphia 76ers and earlier won two ABA titles. The newspaper's calls to Erving's attorneys were not immediately returned.
In what may be an unrelated matter, Erving is putting much of his basketball memorabilia up for auction, including his 1983 Sixers NBA Championship ring and his MVP trophy.
Information from: The Atlanta Journal-Constitution, http://www.ajc.com