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BMO Harris Bank N.A. v. Malaszuk Specialized Logistics, LLC

United States District Court, W.D. Wisconsin

April 20, 2016

BMO HARRIS BANK N.A., Plaintiff,
v.
MALASZUK SPECIALIZED LOGISTICS, LLC and JOHN MALASZUK, Defendants.

OPINION AND ORDER

BARBARA B. CRABB, District Judge.

Plaintiff BMO Harris Bank N.A. is suing defendants John Malaszuk and Malaszuk Specialized Logistics, LLC for the amounts owed on four loan agreements. General Electric Capital Corporation and GE Capital Commercial, Inc. were the original plaintiffs in this case, but I granted the unopposed motion to substitute BMO Harris Bank N.A. because BMO had obtained all the rights to the loans.

Before the substitution, the former plaintiffs filed a motion for summary judgment, dkt. #36, which is now fully briefed. Because BMO has not asked for permission to supplement any of the summary judgment submissions, I understand BMO to be adopting the briefs and arguments the former plaintiffs filed. (For the remainder of the opinion, I will refer to BMO Harris Bank N.A. as “plaintiff” and to General Electric Capital Corporation and GE Capital Commercial, Inc. as “GE.”)

Plaintiff’s argument in the motion for summary judgment is straightforward: defendants received a series of loans from GE in 2012 and 2013 and defendants have defaulted on each of those loans. Defendants have raised several arguments in response to the motion, but none of them are persuasive and none of them show that defendants should not be held for the debts they still owe. Accordingly, I am granting plaintiff’s motion for summary judgment.

From the parties’ proposed findings of fact and the record, I find that the following facts are undisputed.

UNDISPUTED FACTS

Defendants John Malaszuk and Malaszuk Specialized Logistics, LLC are “involved in . . . the transportation business.” Dfts.’ PFOF ¶ 6, dkt. #46. (The parties do not provide any details regarding the nature of defendants’ business.) John Malaszuk is one of the members of Malaszuk LLC, along with Lisa Malaszuk, who was married to John during the events relevant to this case.

On February 27, 2012, General Electric Capital Corporation and defendant John Malaszuk entered into a loan and security agreement under which GE lent money to John in order to purchase certain vehicles. On June 27, 2013, August 22, 2013 and September 27, 2013, GE and defendant Malaszuk LLC entered into loan and security agreements under which GE lent money to Malaszuk LLC for the purchase of certain vehicles. John issued a continuing guaranty with respect to the June 27 and August 22 agreements, under which he agreed to fully perform, pay and discharge all of the present and future liabilities, obligations and debts owed by Malaszuk LLC to GE. John did not sign a guaranty with respect to the September 27, 2013 agreement. Rather, Lisa Malaszuk signed a guaranty.

Both John Malaszuk and Malaszuk LLC failed to pay the amounts due under each of the agreements. As a result, GE accelerated the entire amount due and repossessed the vehicles provided as collateral for the agreements. GE sold all but two of the vehicles, applying the net proceeds to the balance due. As of December 22, 2015, GE calculated that the following amounts remained due:

1. $219, 245.09 pursuant to the terms of February 27, 2012 agreement, with interest accruing at the rate of $91.00 per diem;

2. $30, 248.24 pursuant to the terms of the June 27, 2013 agreement, with interest accruing at the rate of $12.78 per diem;

3. $134, 459.39 pursuant to the terms of the August 22, 2013 agreement, with interest accruing at the rate of $56.07 per diem; and

4. $6, 590.35 pursuant to the terms of the September 27, 2013 agreement, with interest accruing at ...


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