LAFAYETTE — A Winnsboro bank is suing a Colorado seed and fertilizer provider, alleging it owes more than $1.4 million.
Franklin State Bank & Trust Company filed a lawsuit Aug. 5 in U.S. District Court for the Western District of Louisiana against Crop Production Services Inc. of Greeley, Colorado, alleging failure to comply with their three inter-creditor agreement.
According to the complaint, Franklin State provided a loan to Crop Production to provide funding for the farming operations of three entities. To date, the suit says, the bank has not received payment totaling $1,436,312.78.
The plaintiffs allege Crop Production misrepresented the crop year when some of the crop sales proceeds were received by the entities and that the sales proceeds were actually for the sale of 2015 crops loans for which the bank had a priority lien and had not been paid.
Franklin State Bank and Trust seeks a trial by jury, judgment of $1,436,312.78, plus interest, court costs and all other relief to which it is entitled. It is represented by attorneys Robert M. Baldwin and Johnny R. Huckabay II of Hudson, Potts & Bernstein LLP in Monroe.
U.S. District Court for the Western District of Louisiana Case number 3:16-cv-01150
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