PHILADELPHIA – A financial firm claims an organic beauty studio in Philadelphia is in arrears to it of more than $35,000 outstanding fees, in a recently-filed lawsuit in state court.
Rapid Capital Finance, LLC of Philadelphia filed suit in the Philadelphia County Court of Common Pleas on Nov. 2 versus Monique Mason, LLC (doing business as “Moko”) and its owner Monique Mason, both of Philadelphia.
On Nov. 1, 2016, RCF and defendants entered into a Receivables Purchase Agreement, where the company defendant agreed to sell, assign and transfer, without recourse, and RCF agreed to purchase, for the price of $48,000 – with the company defendant’s entire right, title and interest in 20 percent of each of its future credit card receivables owed to company defendant from its credit card processor(s) until the amount of $57,600 was paid in full to RCF.
Per the agreement, the suit says $48,000 shall be paid to RCF by the company defendant’s irrevocably authorizing only one depositing amount acceptable to RCF to remit the 20 percent, until such time as RCF receives payment in full of the $57,600.
Furthermore, on or about Nov. 1, 2016, Mason executed a security agreement and guaranty, where Mason agreed to guarantee any and all amounts owed to plaintiff from the company defendant, in the event of a breach of performance under the agreement, the suit says. RCF remitted the aforementioned prices and initially the company defendant met its obligations, the suit says.
“Company defendant subsequently stopped making its agreed-upon payments to plaintiff and otherwise breached the aforementioned agreement by intentionally impeding and preventing plaintiff from receiving the agreed-upon payments while conducting regular business operations,” the suit says.
While supposedly still conducting operations, RCF accuses the company defendant of having an outstanding amount owed of $35,478.02, plus the costs of the instant litigation and legal fees.
For counts of breach of contract and unjust enrichment, the plaintiff is seeking damages of $35,478.02, plus the costs of this action, legal fees pursuant to the agreement and any other relief the Court deems just and proper.
The plaintiff is represented by Amy F. Doyle and Philip C. Warholic of Jaffe & Asher, in York.
Philadelphia County Court of Common Pleas case 171004034
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com