LOS ANGELES — A Tennessee financial business is suing a guarantor, alleging he owes more than $4 million for breach of contract.

Advocate Capital Inc. filed a complaint on Sept. 18, in the U.S. District Court for the Central District of California against Philip J. Layfield, alleging the guarantor breached his duty of good faith and fair dealing.

According to the complaint, Advocate Capital has suffered substantial economic injuries from Layfield's refusal or failure to pay the unpaid principal, accrued but unpaid interest and administrative fees, legal fees and expenses owed for a total of nearly $4.1 million. 

Under the loan agreement and guaranty amended and restated Aug. 7, 2016, the suit says, the loan matured and became due and payable in full after a year. The plaintiff alleges Layfield breached the loan agreement by failing to make payment on any part of the loan, and forced Advocate to retain and pay for counsel to protect its interest.

Advocate Capital seeks trial by jury, monetary judgment of $4,097,777.94, plus pre-judgment and post-judgment interest, attorney fees, costs of court and all further relief the court deems just. It is represented by attorney Jeffrey I. Golden of Lobel Weiland Golden Friedman LLP in Costa Mesa, California.

U.S. District Court for the Central District of California case number 17-C-6859

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U.S. District Court for the Central District of California
312 N Spring St
Los Angeles, CA - 90012

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