A railcar corporation has filed suit against the limited liability company that it claims failed to pay more than $100,000 for cars it leased.
Midwest Railcar Corporation claims it entered into a master lease agreement on May 18, 2011, with Arepet Sand in which it agreed to lease 41 railcars to Arepet for $430 per month for 36 consecutive months. It entered into a second agreement with Arepet in which it agreed to lease 18 railcars to Arepet for $550 per month for 36 consecutive months, according to the complaint filed March 26 in Madison County Circuit Court.
However, since then, Arepet failed to make the required payments to Midwest and failed to perform other contractual obligations under the lease agreement, the suit states.
“As a direct and proximate result of the aforesaid breach of the master lease, schedule 1 and schedule 2 by Arepet Sand, MRC has sustained damages in the amount of $110,081.80, the stipulated loss value of the railcars identified in schedule 1 and schedule 2, late charges at 18 percent per annum, and other and further consequential damages…,” the complaint says.
Although Midwest Railcar Corporation claims it has made multiple demands that Arepet pay its debt, it has failed to do so.
Defendants Arepet Industries, Ruben Garza, James Michael Moncrief and Cesar Saenz guaranteed repayment of the debt if Arepet Industries failed to make the required payments, the suit claims. However, they have also failed to do so, according to the complaint.
In addition to the money it claims it is owed, Midwest Railcar Corporation is seeking pre-judgment interest, attorney’s fees, costs and other relief the court deems just.
Robert L. Jackstadt of Tueth, Keeney, Cooper, Mohan and Jackstadt in Edwardsville will be representing her.
Madison County Circuit Court case number: 13-L-500.