Loan defaults claimed by People's United Equipment Finance Corp. in suit

By Molly English-Bowers | Sep 9, 2015

A Texas corporation has filed suit over allegations that a Virginia company has defaulted on two loans.

People's United Equipment Finance Corp. filed the suit Aug. 3 in the Houston Division of the Southern District of Texas against Spencer & Sons Logging LLC, and Daryl T. Spencer, both Charlotte Court House, Va., claiming that the defendants have not paid on loans.

According to the claim, the defendants received two promissory notes from the plaintiff, one on March 4, 2014, for $186,768 and another on April 23, 2014, for $130,068, for the acquisition and/or purchase of business equipment. The plaintiff says the defendant has defaulted under the terms of the loans by failing to make payments due in March of this year and each subsequent month through July.

Further, as a result of the default, the plaintiff wishes to exercise its option to accelerate the unpaid balance of $240,142.30. The plaintiffs also ask for additional interest, costs, expenses and attorney's fees. The plaintiff also wants the equipment returned that he says the defendant didn't pay for. The plaintiff is represented by Robert Grawl Jr. of Houston.

Houston Division of the Southern District of Texas case number 4:15-cv-02220.

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