NEW ORLEANS – A bank is seeking the court’s help after two businesses allegedly defaulted on their loans.
Banc of America Leasing and Capital LLC filed a suit on Feb. 29 in the U.S. District Court for the Eastern District of Louisiana against Bryan D. Arceneaux, Louisiana Tank Specialties LLC and Louisiana S.W. Transportation Inc. (LSWT) for alleged non-payment of loans.
The plaintiff insists that Arceneaux is the sole member of Louisiana Tank and the president of LSWT. The bank alleges that Arceneaux, acting on behalf of Louisiana Tank, originally entered into a credit sales contract on Sept. 27, 2013, with a Mack Financial Services for the purchase of equipment from Parish Truck Sales Inc. at a rate of $5,585.81 for 60 months.
As an additional inducement for the credit sales, Arceneaux allegedly signed a continuing guaranty on Sept. 27, 2013. The plaintiff claims that it eventually inherited this guaranty and the credit sales contract from Mack Financial, and that Louisiana Tank has defaulted on the monthly payment that was due on Jan. 11.
The plaintiff also claims that Arceneaux, on behalf of LSWT, entered into a combination loan and security agreement with Wells Fargo for the purchase of equipment at a rate of $9,520.03 per month for 60 months. Arceneaux allegedly signed two guaranties on May 25, 2010, and April 11, 2011, to facilitate the agreement. The plaintiff insists that it is also now the assignee and successor to this loan from Wells Fargo and that defendants have failed to make the monthly payment on Jan. 6 of this year.
Banc of America Leasing and Capital is now suing for all the amounts allegedly owed to it, along with costs and expenses of the suit, attorney fees, and any additional relief deemed proper by the court. It is represented by John M. Landis and J. Dalton Courson of Stone Pigman Walther Wittmann LLC in New Orleans.
U.S. District Court for the Eastern District of Louisiana Case number 2:16-cv-01685-MVL-DEK