BMO Harris Bank N.A. v. Kenneth Gaugler

CourtLouisiana Court of Appeal
DecidedNovember 16, 2022
Docket2022CA0415
StatusUnknown

This text of BMO Harris Bank N.A. v. Kenneth Gaugler (BMO Harris Bank N.A. v. Kenneth Gaugler) is published on Counsel Stack Legal Research, covering Louisiana Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
BMO Harris Bank N.A. v. Kenneth Gaugler, (La. Ct. App. 2022).

Opinion

STATE OF LOUISIANA

COURT OF APPEAL

FIRST CIRCUIT

2022 CA 0415

BMO HARRIS BANK N.A.

VERSUS 9111f, KENNETH GAUGLER r jr" W Judgment Rendered: NOV 16 2022

On Appeal from the 21 st Judicial District Court In and for the Parish of Livingston State of Louisiana Trial Court Docket Number 169916 Div. "F"

The Honorable William S. Dykes, Judge Presiding

Dale M. Maas Counsel for Defendant/Appellant, Baton Rouge, Louisiana Kenneth Gaugler

Gary J. Giepert Counsel for Plaintiff/Appellee, New Orleans, Louisiana BMO Harris Bank N.A.

BEFORE: WELCH, PENZATO, AND LANIER, JJ. PENZATO, J.

Defendant/ appellant, Kenneth Gaugler, appeals from the trial court' s

judgment, which granted a motion for summary judgment in favor of

plaintiff/appellee, BMO Harris Bank, and ordered that Mr. Gaugler is obligated to

BMO Harris Bank in the amount of $126, 250. 61, plus interest of 9. 06% per annum

in accordance with the notes executed, costs of $541. 36, and attorney fees of

3, 700. 00. For the following reasons, we affirm.

FACTS AND PROCEDURAL HISTORY

From October 2016 to November 2019, Kenneth Gaugler, as debtor, entered

into seven loan and security agreements with BMO Harris Bank, as lender, wherein

BMO agreed to loan funds to Mr. Gaugler for the purchase of trucks and trailers to

be used in connection with Mr. Gaugler' s trucking business. Each agreement

obligated Mr. Gaugler to repay a stated amount of funds ( principal plus

precalculated interest) to BMO by making a specified number of monthly

installment payments. In total, Mr. Gaugler agreed to repay $ 1, 101, 939. 56 in

principal and precalculated interest to BMO as a result of the seven loan and

security agreements he signed.

Each loan was secured by a truck or trailer identified in the agreement.

Importantly, the agreements also included the following terms:

2. 1 Security Interest. Debtor hereby grants to Lender a first priority security interest in the Equipment to secure ( a) payment of the Total Amount and all other obligations of Debtor to Lender under this Agreement, ( b) the payment and performance of all other debts, liabilities, and obligations of Debtor of every kind and character, whether now existing or hereafter arising, to Lender, whether under this Agreement or any other agreement....

5. 1 Events of Default. Time is of the essence. An event of default shall occur if: ( a)Debtor fails to pay when due any amount owed by it to Lender or any Affiliate of Lender under this Agreement, ( b) Debtor or Guarantor fails to pay any Liabilities when due to Lender or any Affiliate of Lender or is otherwise in default under any other document, agreement or instrument....

2 5.2 Remedies. Upon the occurrence of an event of default, and at any time thereafter as long as the default continues, Lender may, at its option, with or without notice to Debtor ( i) declare this Agreement to be in default, ( ii) declare the indebtedness hereunder to be immediately due and payable, ( iii) declare all other debts then owing by Debtor to Lender to be immediately due and payable, and ( iv) exercise all of the rights and remedies of a secured party under the Uniform Commercial Code and any other applicable laws.... Debtor shall also pay to Lender all expenses of retaking, holding, preparing for sale, selling and the like, including without limitation ( a) the reasonable fees of any attorneys retained by lender , and ( b) all other legal expenses incurred by Lender... Debtor agrees that Debtor is liable for any deficiency remaining after any disposition of Equipment after default.....

In April 2020, Mr. Gaugler and BMO entered into a Modification

Agreement, wherein the parties agreed that no payments were due on the seven

loans in April 2020, May 2020, and June 2020. The payment schedules were

adjusted accordingly; however, all other terms of the original agreements remained

in effect and unchanged. In a letter dated September 8, 2020, BMO granted Mr.

Gaugler' s request to defer two additional monthly payments and recalculated his

monthly installment payments for the seven loans.

In March 2021, BMO filed suit against Mr. Gaugler, alleging that he

breached the seven loan and security agreements, as well as the subsequent

modification agreements, by failing to timely make the required monthly minimum

payments.' BMO sought judgment in the amount of $705, 844. 15, plus attorney

fees, costs, and disbursements.

1 The seven agreements identified in BMO' s suit are: ( 1) August 8, 2018 Loan and Security Agreement ( identified as no. 5002) in the total amount of $66, 696.48, secured by 2019 Fontaine Steel Drop Deck Flatbed, Serial Number 13N2532CXK1528379; ( 2) October 20, 2016 Loan and Security Agreement (identified as no. 7003) in the total amount of $224, 933. 36, secured by 2017 Peterbilt 389 -Series, Serial Number 1XPXD49X3HD444678; ( 3) October 9, 2016 Loan and Security Agreement ( identified as no. 9001) in the amount of $219, 857. 04, secured by 2020 Peterbilt 567, Serial Number 1XPCD49X6LD659415; ( 4) October 16, 2019 Loan and Security Agreement ( identified as no. 3001) in the total amount of $ 95, 979. 00, secured by 2019 Eagerbeaver Lowbed ( Lowboy), Serial Number 112SD5528KL08914; ( 5) November 26, 2019 Loan and Security Agreement ( identified as no. 99001) in the total amount of $219,963. 60, secured by 2020 Peterbilt 567, Serial Number 1XPCD49X9LD667167; ( 6) June 8, 2018 Loan and Security Agreement ( identified as no. 6001) in the total amount of $212,379. 84, secured by 2018 Peterbilt 389 -Series, Serial Number 1XPXD49X4JD488355 and 2018 Thermo King APU, Serial Number HTG1117392; and ( 7) July 19, 2018 Loan and Security Agreement (identified as no. 1001) in the total amount of $ 62, 130.24, secured by 2018 Fontaine 53' x102" Infinity Dropdeck, Serial Number 13N2532C2K1529834.

3 Mr. Gaugler answered BMO' s petition, citing the agreements as the best

evidence of their terms and conditions and denying that he was in default on any of the loans.

BMO filed the subject motion for summary judgment in August 2021 to

obtain a deficiency judgment against Mr. Gaugler in the amount of $126, 250. 61.

According to the affidavit of Micki Koepke, BMO' s litigation specialist, the trucks

and trailers that secured each loan and security agreement were seized after Mr.

Gaugler defaulted on the notes and were sold. The net proceeds were applied to

the total deficiency owed by Mr. Gaugler, resulting in a deficiency balance of

126, 250. 61.

Mr. Gaugler opposed the motion for summary judgment and relied on his

own affidavit to dispute BMO' s entitlement to a deficiency judgment. In his

affidavit, Mr. Gaugler denied that he was in default on all seven loans but admitted

that he " got behind" on two of the loans. After getting behind on the payments,

Mr. Gaugler spoke to " Preston," an employee of BMO, " about turning over the two

vehicles only that were in arrears." However, BMO " demanded" that he turn in all

of the vehicles. Mr. Gaugler attested that he told Preston where the vehicles were

located and " understood BMD arranged to seize them." Mr. Gaugler further

attested that he was " led to believe that by turning over all of the vehicles,

including those vehicles on which he was current on payments due, he would not

owe anything after that surrender." Mr. Gaugler was not asked to sign anything

and has no documentation reflecting this purported agreement.

In its reply memorandum in support of its motion for summary judgment,

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BMO Harris Bank N.A. v. Kenneth Gaugler, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bmo-harris-bank-na-v-kenneth-gaugler-lactapp-2022.