N.Y. credit firm says Churchville taxi cab company breached contract with it in excess of $500K

By Nicholas Malfitano | Jul 13, 2017

PHILADELPHIA – A New York City credit firm has sued a Churchville taxi cab company, believing it breached a contract in which they were obligated to pay in excess of a half-million dollars to the plaintiff.

Progressive Credit Union of New York, N.Y. filed suit in the Philadelphia County Court of Common Pleas on July 5 versus F&G Taxi Cab Co., Inc. of Churchville.

“On Nov. 19 2013, lender extended a commercial loan to borrower in the amount of $717,000.00. Borrower’s obligations to repay the Loan were evidenced by a Secured Promissory Note dated Nov. 19, 2013 borrower executed in favor of lender in the principal amount of $717,000.00. On that same date, defendant executed, and delivered to lender, a Guaranty of Payment which guaranteed payment of all obligations of borrower to lender; whether arising under the Note or otherwise. As set forth therein, the Guaranty was provided by defendant for good and valuable consideration and to induce lender to make the loan to borrower. Lender is now and has been, at all times, the holder of the Note and the Guaranty,” the complaint states.

“Pursuant to the Note, borrower was obligated to make thirty-five (35) monthly payments to the Lender in the amount of $3,362.19 commencing on Dec. 19, 2013 and continuing on the nineteenth (19th) day of each consecutive month thereafter until Nov. 19, 2016; at which time all outstanding balances under the Note would be due and payable,” the complaint added.

As a direct result of defendant’s breach of the Guaranty, lender has suffered damages, in the liquidated amounts set forth below:

Principal:                                                     $ 576,602.45

Interest Through June 22, 2017:                $ 228.70

Search Fees:                                              $ 1,720.00

Attorneys’ Fees Through June 22, 2017:   $ 5,000.00

TOTAL:                                                      $ 583,551.15

For a single count of breach of contract, the plaintiff is seeking damages in the amount of $583,551.15 plus interest from June 22, 2017 at the per diem rate of $60.82 (3.85 percent per annum) through the entry of the judgment, followed by interest at the statutory rate thereafter, along with all costs and reasonable attorneys’ fees lender shall continue to incur in collection of the outstanding indebtedness under the Note and the Guaranty, and all other relief this Honorable Court may deem just and proper in this matter.

The plaintiff is represented by Jami B. Nimeroff and Scott M. Klein of Brown McGarry Nimeroff, in Philadelphia and West Chester.

Philadelphia County Court of Common Pleas case 170700200

From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com

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