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U.S. Bancorp Equipment Finance, Inc. v. Ameriquest Holdings LLC

United States District Court for the District of Minnesota
2004 WL 2801601


Facts

Ameriquest Holdings LLC (Ameriquest) (defendant) purchased a Boeing 737 airplane using a $3.8 million loan from Firstar Equipment Finance which was then leased to U.S. Airways for commercial purposes. Under the terms of the loan Ameriquest was required to make quarterly payments followed up by a “lump sum” balloon payment equal to the outstanding balance when the commercial lease expired. In the event of Ameriquest’s default Firstar had the right to repossess and sell the airplane and apply any proceeds to the outstanding loan balance. Subsequently, U.S. Bancorp Equipment Finance, Inc. (Bancorp) (plaintiff) acquired Ameriquest’s loan from Firstar. After the attacks of September 11, 2001, many commercial airline companies filed for bankruptcy, including U.S. Airways. As a result, U.S. Airways terminated its lease with Ameriquest and returned the 737 airplane. Ameriquest was unable to make its quarterly loan payments and balloon payment. Bancorp foreclosed on the loan, sold the airplane for $450,000, and applied the proceeds to Ameriquest’s outstanding debt which totaled nearly $3 million. Bancorp filed suit in federal court against Ameriquest and others to recover the remaining balance. Bancorp filed a motion for summary judgment.  

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Holding and Reasoning (Montgomery, J.)

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