Equipment Financing Agreement • Default • Damages • Liquidated Damages • Late Charges
State Bank & Trust Co. v. Philly Wholesale LLC, PICS Case No. 17-1302 (E.D. Pa. Aug. 2, 2017) Pappert, J. (22 pages).
Court entered default judgment against corporate defendant and guarantor in action on equipment financing agreement where defendant defaulted, failed to respond to plaintiff’s action and court entered judgment for the unpaid balance, late charges, post default interest and attorney fees and costs but found some of the late charges were double recoveries and had to be denied and the liquidated damages clause was an excessive penalty. Default judgment granted and damages ordered.
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