A Superior Court judge has agreed to impose a $250,000 judgment against a businessman, suspected of embezzlement, who disappeared nearly three years ago.

The business partner who filed the lawsuit in January 2008, however, cannot collect the money unless and until evidence is found that Kevin Race of Woolwich is alive or that assets of his are found worth in excess of $200,000.

Justice Jeffrey Hjelm issued his ruling March 31 in Knox County Superior Court in the lawsuit filed by David Bird of Owls Head, who along with Race, founded Custom Cordage LLC of Waldoboro in 1998.

Race was reported overdue from a day hike on Mount Washington in New Hampshire on Sept. 10, 2007. Race’s vehicle was found at the Appalachian Mountain Club parking lot in Pinkham Notch, N.H., and a handwritten note that was discovered at his residence indicated that Race was “looking for his final resting place,” according to the New Hampshire Fish and Game Department.

A foot and air search by numerous agencies failed to locate Race. No body has been found.

Bird claimed in the lawsuit that his business partner Race bilked the company of $515,118 from 2002 until the time he disappeared in September 2007.

Race was indicted in Lincoln County on four counts of theft by unauthorized taking. Subsequently, Race was indicted for failure to appear in court after being released on bail. Warrants for his arrest were issued.

Custom Cordage manufactures single braids, double braids, triple braids, hollow braids, solid braids and small twisted products.

Hjelm ruled that Race had committed fraud and awarded the judgment based on that finding.

In 2007, Race was described as being 5 feet 11 inches tall and weighing 195 pounds, with brown hair and blue eyes. When last seen, he had short hair with a mustache extending down the sides of his chin.