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CNH Industrial Capital America, LLC v. T & P Farms, LLC

United States District Court, N.D. Mississippi, Greenville Division

May 30, 2018

CNH INDUSTRIAL CAPITAL AMERICA, LLC PLAINTIFF
v.
T & P FARMS, LLC and MICHAEL J. MASSEY, JR. DEFENDANTS

          FINAL CONSENT JUDGMENT

          DEBRA M. BROWN, UNITED STATES DISTRICT JUDGE

         In accordance with the Court's order granting the parties “Joint Motion for Entry of Final Consent Judgment, ” this final judgment is issued as to Count I: Replevin and Count II: Monetary Judgment based on the following:

         1. This Court has jurisdiction over the subject matter of, and the parties to, this action. Venue is proper in this Court.

         Contract 1 (Loan No. 61786001)

         2. On April 24, 2015, T & P Farms, LLC (“Borrower”) purchased from Medlin Equipment Company of Mississippi County, Missouri a Case IH Tractor 4WD Model No. STX580 (S/N ZEF300549) and one Rome Scraper Model No. 1814E (S/N RP-18E14.5-106) (“Contract 1 Collateral”). The purchase was evidenced by a Retail Installment Sale Contract and Security Agreement (“Contract 1”). The contract reflects $381, 795.66 in financing, to be paid in sixty monthly payments of approximately $6, 813 beginning on May 24, 2015; and states that, in the event of a default in payment, the seller has the right to “take possession of all Collateral, without notice or hearing...”

         3. The contract included a provision assigning Medlin's interest in Contract 1 to CNH Industrial Capital America, LLC. Of relevance to the assignment, the contract provided:

Buyer will not assert against Assignee any claim or defense which Buyer may have against Seller, the manufacturer of the Equipment, or any other person, Buyer agrees that its obligation to remit payments will not be subject to, and it will not make any claim against Assignee for breach of any representation, warranty or condition with respect to the Equipment and that its obligation to pay Assignee all amounts under this Agreement is absolute and unconditional without abatement, reduction, set-off, counterclaim or interruption for any reason whatsoever, including any dispute which now or hereafter arises between Buyer and Seller or any other person.

         4. CNH perfected its security interest in the Contract 1 Collateral through a UCC-1 Financing Statement, Filing Number 20151638519A, filed with the Secretary of State on April 30, 2015. After making a payment on December 12, 2016, T & P ceased making payments under Contract 1.

         5. Borrower has surrendered the Rome Scraper Model No. 1814E (S/N RP-18E14.5-106) to CNH.

         6. As of January 25, 2017, Borrower is indebted to CNH under Contract 1 in the principal amount of $265, 472.78, interest accruing after January 25, 2017, at the contract rate of 7.74% per annum, and late fees in the amount of $1, 750.00.

         7. Contemporaneously with the execution of Contract 1, Michael J. Massey, Jr. executed a Guaranty (“Guaranty 1”) whereby he:

unconditionally and irrevocably guarantee[d] the payment, performance and complete fulfillment of all Obligations, as defined in the Agreement described above, of the Buyer to Secured Party, and any amendments or supplements thereto, whether heretofore or hereafter incurred, including any revisions, renewals, consolidations and extensions thereof, any of which may be made without notice to the Guarantor.

         Contract 2 (Loan No. 61786002)

         8. On July 14, 2015, T & P purchased a John Deere Tractor 4WD Model No. 9630 (S/N RW9630P013151) and a John Deere Pull Scraper Model No. 2112E (S/N T82112E080403) (“Contract 2 Collateral”) from Medlin. The purchase was evidenced by a Retail Installment Sale Contract and Security Agreement (“Contract 2”) identical in form to Contract 1. The contract reflects $189, 096.50 in financing, to be paid in sixty monthly payments of approximately $3, 556 beginning on August 14, 2015.

         9. CNH perfected its purchase money security interest in the Contract 2 Collateral through a UCC-1 Financing Statement, Filing Number 20151713358A, filed with the Secretary of State on July 21, 2015. After making a payment on December 12, 2016, T & P ceased making payments under Contract 2.

         10. As of July 25, 2017, Borrower is indebted to CNH under Contract 2 in the principal amount of $137, 386.01, interest accrued through January 25, 2017, in the amount of $2, 180.94, interest accruing after January 25, 2017, at the ...


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