PHILADELPHIA – A commercial bank in Utah claims a Georgia transport business owes outstanding funds to it in excess of $19,000, comprised of in equipment finance payments and other expenses.
On March 28, Marlin Business Bank of Salt Lake City, Utah filed suit in the Philadelphia County Court of Common Pleas versus John Boyer Sr. (doing business as “Boyer Transport”), of Tifton, Ga.
MBB is a direct lender which provides financing to businesses, in order for them to purchase new equipment and technology. On or about Aug. 21, 2016, Boyer executed and delivered to MBB a Titled Equipment Finance Agreement (TEFA), which provided for the finance of certain equipment and for payments to be made by Boyer.
The lawsuit alleges Boyer breached the guaranty by failing to make the TEFA’s 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.
“Despite repeated demands for payment, Boyer has failed and refused to pay the payments due in accordance with the terms of the TEFA to MBB,” the suit states.
MBB says the defendants are liable to it for the following expenses:
a.) Remaining Payments – $37,794.60
b.) Accelerated Balance (discounted to PV) – $19,169.97
c.) Return Check Fees – $30
d.) Less Sale Of Equipment – ($20,075)
Total – $18,535.48
Per the terms of the equipment finance agreement, MBB is entitled to expenses of enforcement, which so far is $500 and currently accruing as the action proceeds.
For counts of breach of contract, the plaintiff is seeking damages in the amount of $19,035.48, 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 180303400
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at firstname.lastname@example.org