PHILADELPHIA – A Utah-based commercial bank claims a pair of Texas defendants possess an unpaid and outstanding balance to it in excess of $93,000, in equipment lease payments and other expenses.
On Nov. 7, Marlin Business Bank of Salt Lake City, Utah filed suit in the Philadelphia County Court of Common Pleas versus Flood Kings, LLC and John Todd Snyder, both of Fort Worth, Texas.
MBB is a direct lender which provides financing to businesses, in order for them to purchase new equipment and technology. On or about Jan. 17, 2017, Flood Kings executed and delivered to MBB an equipment lease contract, which provided for the lease for and payments to be made by Flood Kings – supplemented by a personal guaranty of payment from Snyder.
The lawsuit says Flood Kings breached the lease and Snyder breached the guaranty by failing to make the loan and other payments leading to default, which caused MBB to accelerate the remaining payments and to demand immediate presentation thereof. According to the agreement’s forum selection clause, the laws of the Commonwealth of Pennsylvania govern the agreement and direct each participant to waive any right to a jury trial.
“Despite repeated demands for payment, Flood Kings and Snyder have failed and refused to pay the loan payments due in accordance with the terms of the agreement to MBB,” the suit says.
MBB says the defendants are liable to it for the following expenses:
a.) Past Due Payments – $11,493.08
b.) Accelerated Balance (discounted to PV) – $137,418.75
c.) Late Charges – $1,723.96
d.) Less Sales Of Equipment – ($57,800) _______________________________________________________________
Total – $92,835.79
Per the terms of the lease, MBB is entitled to expenses of enforcement, which so far is $500.00 and currently accruing as the action proceeds.
For breach of contract, the plaintiff is seeking damages in the amount of $93,335.79, plus additional fees, cost of suit, interest and such other and further relief as the Court deems just and proper in this matter.
The plaintiff is represented by Edward R. Dietz Jr. of Marlin Business Bank, in Mount Laurel, N.J.
Philadelphia County Court of Common Pleas case 171100388
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com