NEW ORLEANS — An Orleans Parish bank is suing the owners of the two motor vessels, alleging unpaid mortgage payments.
First Bank and Trust Company filed a lawsuit March 17 in U.S. District Court for the Eastern District of Louisiana against Seacrest Marine LLC, Terral Pitre and Dawn Pitre.
According to the complaint, Seacrest Marine was the sole owner of the M/V Braxton Perry and the M/V Brody Paul. On June 2, 2006, the suit says, the plaintiff borrowed $875,000 from a third party lending agent for a preferred ship mortgage lien for the two vessels. On Dec. 5, 2007, the plaintiff said it executed and delivered a promissory note to First Bank and Trust Company (FBT) pursuant to which it borrowed the principal amount of $350,000.
After extending their credit line, First Bank says it remains a mortgagee for certain mortgages securing the indebtedness of the plaintiff. The plaintiff argues that the defendant has failed to make timely payments on a note issued in 2013, its last interest payment having been made through May 18, 2015.
The lawsuit states the defendant owes the plaintiff $767,605.86, as of the date of filing.
First Bank and Trust seeks the unpaid principal, accrued interest, judicial interest, attorney fees, a declaration that it is the holder of a valid preferred ship mortgage lien on the two vessels and further expenses. It is represented by attorneys James M. Garner and Kevin M. McGlone of Sher Garner Cahill Richter Klein & Hilbert LLC, in New Orleans.
U.S. District Court for the Eastern District of Louisiana Case number 2:16-cv-02332-MVL-JCW