Commercial Credit sues trucking company over alleged default

By Kelly Holleran | Nov 12, 2013

A credit group claims an Illinois trucking company has failed to adequately pay for two vehicles it purchased and refuses to surrender them.

Commercial Credit Group filed a lawsuit Oct. 31 in St. Clair County Circuit Court against Clark Trucking and Excavation and James K. Stolte.

In its complaint, Commercial Credit Group alleges it lent Clark Trucking $68,040 on Aug. 23, 2011, so the company could purchase a 2012 Kruz 5460 Gallon Vacuum Tank Trailer. Clark Trucking agreed to repay the money in a one-time payment of $14,875 and 35 monthly payments of $1,519, according to the complaint.

Clark Trucking borrowed an additional $71,087 toward the purchase of an additional 2012 Kruz tank trailer. It agreed to repay Commercial Credit Group the money in a one-time payment of $14,875 and in 47 monthly payments of $1,196, the suit states.

Stolte acted as a guarantor on both promissory notes, promising to repay the money if Clark Trucking defaulted on its payments, the complaint says.

Since then, Clark Trucking and Stolte have defaulted on their payments, Commercial Credit claims. In turn, Commercial Credit attempted to seize the vehicles from Clark, but Clark has refused to comply with the demands to surrender the vehicles, according to the complaint.

“The current combined fair market value of vehicle 1 and vehicle 2 is $60,000,” the suit states.

In its complaint, Commercial Credit Group seeks an order awarding it possession of both vehicles or to enter a judgment in its favor of $60,000, plus attorneys’ fees, costs and other relief the court deems just.

Nelson L. Mitten, Julie K. Graham and Crystal L. Williams of Riezman Berger in St. Louis will be representing it.

St. Clair County Circuit Court case number: 13-L-557.

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