A Texas bank claims it is owed more than $17,000 from a Hamshire man who defaulted on a lease agreement.
Bank of the West claims it negotiated a lease with an option to purchase a John Deer 750J Dozier on April 21, 2009, with Lott Surplus Materials. Defendant Robert S. Lott acted as guarantor of the lease agreement, promising to repay any money in the event Lott Surplus defaulted, according to the complaint filed May 31 in Jefferson County District Court.
In the lease agreement, Lott Surplus acquiesced to payments of $3,868.89 for 36 months with an option to purchase the equipment for $29,529, plus taxes, at the lease's conclusion, the suit states.
However, Lott Surplus failed to make its required payments, the complaint says. In fact, Lott Surplus filed for bankruptcy in Houston on Oct. 22, Bank of the West claims.
In accordance with the bankruptcy proceedings, Lott Surplus paid Bank of the West $96,787.49, according to the complaint. However, it still owes $17,369.22, the suit states.
Because Lott Surplus declared bankruptcy, Bank of the West is seeking the money from Robert Lott and alleges breach of personal guaranty against him.
In its complaint, Bank of the West is seeking a judgment within the jurisdictional limits of Jefferson County District Court, plus attorneys' fees, costs, pre- and post-judgment interest and other relief the court deems just.
Peter Schaff and Scott D. Ellis of Gardere, Wynne, Sewell in Houston will be representing the bank.
The case has been assigned to Judge Donald Floyd, 172nd District Court.
Case No. E190-134