Bank claims breach of contract by borrower

By Lhalie Castillo | Jun 28, 2016

WINFIELD — A commercial bank is suing GL Equities LLC, a limited liability company, citing alleged breach of contract.

U.S. Bank National Association filed a complaint on May 26 in Putnam Circuit Court against GL Equities, LLC alleging that the limited liability company did not remit the outstanding indebtedness of the loan on the maturity date, January 16, 2016.

According to the complaint, the plaintiff alleges that on Dec. 16, 2005, U.S. Bank National Association granted a loan of $2,8 million that the defendant requested. The loan came with an agreement and conditions, which the plaintiff and defendant understood, the suit says. Come Jan. 11, 2016, the plaintiff did not receive the payment for the outstanding indebtedness of the loan from the defendant, according to the suit. The plaintiff holds GL Equities, LLC responsible because the defendant allegedly failed to settle the remainder of the loan on or before the maturity date.

The plaintiff seeks an order requiring the borrower, its agents, attorneys, officers, partners and others in active concert therewith, to pay the plaintiff or a judicially appointed receiver all funds in their possession and control which were collected as rents or other income from the property or in the future which are collected as rents or other income from the property; a temporary restraining order and preliminary injunction enforcing the terms of the deed of trust and ALR; a temporary restraining order and preliminary injunction restraining and enjoining borrower from in any way: interfering with the judicial appointed receiver to take possession of the property, interfering with any of the management of said property by a judicially-appointed receiver, including, particularly, the collection of any and all rents or other income generated by the property, the making of repairs as deemed appropriate, and in general the performing of any and all acts in connection with the management of the property, including, without limitation, the payment of reasonable operating expenses and debt service obligations; For the appointment of a receiver to take possession and manage the property to lease, rent and license the property, or to renew, extend, modify, amend or terminate any lease existing on the Property subject to review and approval by the plaintiff, and to receive and collect the future rents or other income from the property pending completion by a substitute trustee of the foreclosure of the deed of trust; and for such other and further relief as the court may deem just and proper. It is represented by Janet Smith Holbrook of Dinsmore & Shohl LLP in Huntington.

Putnam Circuit Court Case number 16-c-123

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