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T&C Leasing, Inc. v. BBMC

June 12, 2009

T&C LEASING, INC., PLAINTIFF
v.
BBMC, LLC AND JED BECKMAN, DEFENDANTS



The opinion of the court was delivered by: Chief Judge Kane

ORDER

THE BACKGROUND OF THIS ORDER IS AS FOLLOWS:

Before the Court is Plaintiff T&C Leasing's ("T&C") motion for issuance of a writ of seizure. An evidentiary hearing was held on this matter before the Court on June 11, 2009. For the following reasons, the Court will issue a writ of seizure.

I. FINDINGS OF FACT

Based upon the testimony and exhibits presented at the hearing and the pleadings to date, the Court makes the following findings of fact on the preliminary issue of whether a writ of seizure should issue in this case:

1. T&C Leasing is a corporation organized under the laws of the state of Texas, with its principal place of business located in Austin, Texas.

2. Defendant BBMC, LLC ("BBMC") is a limited liability company organized under the laws of the Commonwealth of Pennsylvania, with its principal place of business located in Hanover, Pennsylvania.

3. Defendant Jed Beckman ("Beckman") is an individual residing in Gettysburg, Pennsylvania.

4. By a lease agreement ("Lease") signed on September 26, 2008, titled "Equipment Lease Agreement" and referenced as agreement number "TC080916-1," T&C leased the following items to BBMC: (a) one 2006 Cincinnati 165 ton CNC Press Brake & Control, serial number 31630; (b) one Burgmaster 6 spindle drill press; (c) one Miller Synchrowave 285 Welder; (d) one Pallet Jack "2 ton"; and (e) one lot of miscellaneous carbide tooling & drills. The equipment was leased in return for 36 monthly payments of $2,184.66 along with a $4,500.00 security deposit. Beckman signed the lease agreement on behalf of BBMC as CEO.

5. In paragraph 2, the Lease provides that the Lessee must pay interim rent equal to 1/30th of the monthly rental, multiplied by the number of days elapsing between the date of which Lessee accepts the equipment and the commencement date of this Lease. It further provides that subsequent rental installments will be payable on the first day of each rental payment period beginning after the first rental payment period. If the rental payment is late, the agreement further provides that a late fee of 15 percent of the payment which is late will be assessed.

6. In paragraph 12, the Lease provides that the Lessee shall be in default under the lease if the Lessee fails to make any payment due under the terms of the Lease for a period of five days from the due date.

7. In paragraph 13, the Lease provides that if the Lessee is in default and the default remains uncorrected, the Lessor shall have the right to, inter alia, enter upon the Lessee's premises and repossess and remove the equipment, either with or without notice to the Lessee.

8. In a document titled "Collateral Addendum As Additional Security Deposit," dated and signed on the same day as the Lease, T&C is granted a secured interest on the following tangible property that Beckman owned as an additional security deposit on the Lease: (a) one MG Systems 5' x 25' CNC plasma table with Hypertherm Powermax 1650 power unit model: MG525 MFG 2004, serial number SM750P-98-996; and (b) one OTC Robotic Weld Cell dual station unit with touch screen control and VX-6 series Robotic arm, model VX-6, MFG 2008, serial number WCM43742-192-66348. In the event of a default, the agreement provides that this property would be "at risk," making it subject to forfeiture and/or auction to satisfy any and all outstanding debt owed by BBMC.

9. Beckman also agreed to provide a personal guaranty of full and prompt performance of every obligation of the Lessee under the Lease.

10. T&C filed a UCC1 Financing Statement with the Pennsylvania Department of State evidencing its interest in the above mentioned equipment.

11. The rent commencement date was October 16, 2008. T&C records show that BBMC's first payment did not come until November 10, 2008, in the amount of $2234.65. At this time, the balance owed on the Lease was $3768.54, consisting of the interim rent of $1,092.33, the normal monthly rent ...


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