HOUSTON — A financing company is suing two guarantors, alleging they owe nearly $500,000 for alleged breach of promissory note and security agreement.
People's United Equipment Finance Corp. filed a lawsuit Dec. 14 in the Houston Division of the Southern District of Texas against Lenn Waters Morris and Ricky Dean Freeman, alleging failure to perform their contractual obligations.
According to the complaint, on Jan. 8, 2016, People's Unite provided financing to Forest Energies LLC for the acquisition and/or purchase of equipment and/or working capital. The suit says Morris and Freeman guaranteed payment and performance of Forest Energies obligations in the original amount of $590,940.
As of of Nov. 18, 2016, the lawsuit states, the aggregate balance of $487,015.64 remains due and owing. The plaintiff alleges Morris and Freeman have defaulted on their obligations by failing to make the required payments when due.
People's United Equipment Finance seeks trial by jury and seeks, judgment against the defendants, jointly and severally, in the aggregate amount of $487,015.64, together with interest, court costs and attorney' fees and all other proper relief. He is represented by attorney Douglas R. Little of Houston.
Houston Division of the Southern District of Texas Case number 4:16-cv-03657