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Corporations Keyed to O’Kelley
A & M Farm Center, Inc. v. AGCO Finance, LLC
Citation:
921 N.E.2d 54 (2010)Facts
Louis Abbett is the president of A & M. Dennis Leek was the manager of A & M and became a shareholder and vice president in 1994. Leek was responsible for the day-to-day operations of A & M. AGCO and A & M transacted business for several years with Leek signing all of the contracts and agreements on behalf of A & M. Leek signed over one hundred variable rate loan contracts and security agreements with AGCO on behalf of A & M. While still employed by A & M, Leek began another business, Cable Tech, Inc. in late 2000, Cable Tech entered into three leases with A & M for equipment and financed the leases through AGCO. The lease was signed by Leek on behalf of A & M and Phil Norman, president of Cable Tech. Abbett was unaware of Cable Tech’s agreements and full recourse agreements with AGCO until 2002. Cable Tech defaulted on the agreements in mid-2002 and AGCO declared all amounts immediately due and payable. AGCO argued that A & M was liable to AGCO under the agreements and Leek had authority to enter into the Cable Tech contracts and that Abbett was personally liable.
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