Judge: Peter A. Hernandez, Case: 23PSCV02972, Date: 2024-04-17 Tentative Ruling

Case Number: 23PSCV02972    Hearing Date: April 17, 2024    Dept: K

Plaintiff Transportation Alliance Bank’s Application for Default Judgment is GRANTED; however, attorney’s fees are reduced to $2,226.22 [see below].

Background   

Plaintiff Transportation Alliance Bank (“Plaintiff”) alleges as follows:

On February 18, 2019, Five Bulls Transport Inc. (“Five Bulls”) executed and delivered to Plaintiff a promissory note, Business Loan Agreement and Commercial Security Agreement (together, “Loan Documents”) wherein Five Bulls borrowed and promised to pay Plaintiff $169,401.08 in principal, plus interest at 11/250%/annum. Plaintiff was also granted a security interest in one 2019 Volvo VNL64T860 Tractor, VIN # 4V4NC9EJ1KN201600 (“Collateral”). Francisco J. Toro Anacleto aka Francisco Javier Toro (“Toro”) executed a Commercial Guaranty on that date. The maturity date was March 4, 2024. On March 4, 2023, Five Bulls defaulted under the terms of the Loan Documents by failing to make the payment due.

On September 26, 2023, Plaintiff filed a complaint, asserting causes of action against Five Bulls, Toro and Does 1-100 for:

1.                  Breach of Written Loan Agreement

2.                  Breach of Personal Guaranty

3.                  Foreclosure of Security Agreement and Possession of Collateral

4.                  Claim and Delivery

5.                  Money Lent

6.                  Account Stated

On January 10, 2024, Five Bulls’ and Toro’s defaults were entered.

An Order to Show Cause Re: Default Judgment is set for April 17, 2024.

Discussion

Plaintiff’s Application for Default Judgment is granted; however, attorney’s fees are reduced to $2,226.22 pursuant to Local Rule 3.214, subdivision (a) (i.e., $1,890 (+) 2% of $16,811.01 [i.e., the excess over $50,000.00].) Plaintiff is ordered to lodge a new, proposed Judgment reflecting the revised amount in attorney’s fees prior to the hearing.