Trucking company sued over unpaid loan
A leasing corporation claims a trucking company owes it more than $70,000 for money it borrowed to purchase a piece of construction equipment.
Colonial Pacific Leasing Corporation filed a lawsuit April 19 in Madison County Circuit Court against Zimmerman Trucking and Excavating, Garland W. Zimmerman Jr. and Garland W. Zimmerman Sr.
CPLC says CitiCapital agreed to loan Zimmerman Trucking $211,492.20 on March 6, 2007, so it could purchase a Caterpillar Wheel Loader. Zimmerman Trucking agreed to repay the loan in 60 consecutive monthly payments of $3,524.87, according to the complaint.
When Zimmerman Trucking executed the loan, Garland W. Zimmerman Jr. and Garland W. Zimmerman Sr. acted as guarantors, promising to repay the loan if the company failed to make payments, the suit states.
Since then, CPLC succeeded CitiCapital and says Zimmerman has failed to make any payments since Nov. 6, 2009. CPLC accelerated the Zimmerman's debt, recovered the wheel loader and sold it, the complaint says.
The Zimmermans and Zimmerman Trucking, however, still owe $72,571.92, according to the complaint. However, despite repeated requests, the defendants have failed to reimburse CPLC, the suit states.
In addition to the money it says the defendants owe it, CPLC seeks attorneys' fees, costs, interest and other relief the court deems just.
Henry F. Luepke of The Stolar Partnership in St. Louis and Alexander Terras, Timothy S. Harris, Ann E. Pille and Aaron B. Chapin of Reed Smith in Chicago will be representing them.
Madison County Circuit Court case number: 10-L-433.
Want to get notified whenever we write about
Next time we write about
we'll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up for Alerts
Organizations in this Story
501 Southwest Jefferson Avenue
Peoria, IL 61605