PHILADELPHIA – A Florida financial firm is seeking to recoup $23,150 from an after-market automotive company in Philadelphia, claiming the latter default on a merchantable agreement the two parties entered into.
Rapid Capital Finance, LLC of Miami, Fla. filed suit in the Philadelphia County Court of Common Pleas on June 14 versus Ali’s Motoring, LLC (doing business as “Ali’s Motoring”) and Raquil N. Martinez, both of Philadelphia.
On June 22, 2017, for the purchase price of $42,500, RCF and defendants entered into a Merchant Agreement/Purchase and Sale of Future Receivables Agreement, whereby Company Defendant agreed to sell, assign and transfer to RCF all of company defendant’s future accounts, contract rights and other obligations arising from or relating to the payment of monies from Company Defendant’s customers and/or third-party payers for the payment of Company Defendant’s sale of good or services until the amount of $54,825 was paid in full to RCF. A guaranty agreement was executed the exact same day, the suit says.
“Plaintiff remitted the aforementioned purchase prices for the future receivables to Company Defendant as agreed. Initially, Company Defendant met its obligations under the Agreement. Company Defendant subsequently stopped making its agreed-upon payment 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 lawsuit explains.
“Upon information and belief, Company Defendant is still conducting regular business operations and is still collecting receivables. Despite due demand, Company Defendant has failed to pay the amounts due and owing by Company Defendant to plaintiff under the aforementioned Agreement. There remains a balance due and owing to plaintiff in the amount of $23,150, plus the costs of this action and legal fees,” the suit adds.
For counts of breach of contract and unjust enrichment, the plaintiff is seeking damages of $23,150, plus the costs of this action, legal fees pursuant to the agreement, and any other relief the Honorable Court deems just and proper.
The plaintiff is represented by Rocco Luisi of Jaffe & Asher, in Paramus, N.J.
Philadelphia County Court of Common Pleas case 180601664
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at email@example.com