FCC Equipment Financing is seeking more than $60,000 plus equipment that it claims Wood River Excavating owes it.
FCC and Wood River entered into a master security agreement on Jan. 12, 2005, in which FCC agreed to provide Wood River financing, according to the complaint filed Feb. 13 in Madison County Circuit Court.
Also in the agreement, Wood River agreed to make payments to FCC for equipment including a John Deere 225C Hydraulic Excavator, the suit states.
Under the terms of the agreement, Wood River agreed to pay $92,340.72 in 36 monthly installments of $2,565.02 and FCC was granted a security interest in the equipment, FCC claims.
Allen White executed a guaranty, according to the complaint.
However, Wood River has failed to make payments when due, the suit states.
FCC claims it sent White a notification on Sept. 4 about delinquent payment obligations, but he has also failed and refused to make payments.
The company has also not been able to repossess the equipment, according to the complaint.
"Because the Equipment is movable, readily marketable, and easily damaged by misuse, Plaintiff is in danger of losing the Equipment unless immediate possession of it is obtained or it is otherwise secured," the suit states.
After White and Wood River defaulted on payments, FCC terminated the agreement.
"As a result of the default of Wood River, the entire balance due under the Agreement was accelerated and is immediately due and payable," the suit states. "As of January 15, 2009, the entire balance due under the Agreement on the Equipment Account was $69,084.96, with interest and late charges accruing at the rate of $13.85 per day after January 15, 2009."
In addition to the money and equipment it is due, FCC is seeking post-judgment interest at the maximum rate allowed by law, attorney's fees, costs and other relief the court deems appropriate.
Patrick T. McLaughlin and Jennifer A. Chierek of Spencer, Fane, Britt and Browne in St. Louis will be representing it.
Madison County Circuit Court case number: 09-L-0127.