LAFAYETTE – A financial service company is seeking millions of dollars from a loan allegedly in default.
De Lage Landen Financial Services Inc. filed a lawsuit on Feb. 26 in the U.S. District Court for the Western District of Louisiana, Lafayette Division, against Louisiana Crane & Construction LLC, Logan Cass Fournerat, Joseph Earl Toups, Louisiana Properties LLC, Louisiana Aviation Co. LLC, Fournerat Family LLC, Fournerat & Toups Farms LLC, Louisiana Vessel and Fabrication LLC and LCC Equipment I LLC for allegedly defaulting on a loan.
The plaintiff insists that between April 20, 2012, and July 31, 2015, Louisiana Crane and Construction entered into a loan and security agreement with it to finance acquisition of certain cranes. The plaintiff was allegedly granted a security interest in the purchased cranes and was authorized to file UCC-1 financing statements. The plaintiff alleges that Louisiana Crane defaulted on the loan and security agreements and failed to make payments.
As of Dec. 22, 2015, the defendants allegedly owed $715,100.23 in unpaid periodic installment payments, $7,690,352.06 in remaining periodic payments, and $136,951.69 in prepayment penalties. This totals to $8,542,403.98. The plaintiff asserts that it has sent a notice of default and demand for payments, loan and security agreements to the defendants on Dec. 22, 2015, but the defendants have not responded. The suit states that any rental payments made to defendants for the usage of the cranes are proceeds belonging to plaintiff as collateral.
De Lage Landen Financial Services Inc. seeks the full $8,542,403.98 from Louisiana Crane, plus accrued interest with a rate of 24 percent until the amount is paid; attorney fees and cost of the suit; a declaratory order stating that plaintiff is entitled to priority over all other person or claimants who may claim an interest in the cranes; an order stating that rental payments of the cranes are proceeds of plaintiffs; and any other relief deemed just by the court. It is represented by William S. Robbins, Brandon A. Brown, and Ryan J. Richmond from Stewart, Robbins & Brown LLC in Baton Rouge.
U.S. District Court for the Western District of Louisiana Case number 6:16-cv-00267