DLL Leaves Lessor to Hang re: Evergreen Clause
De Lage Landen, Wayne, Pennsylvania-- $34,560 in lease payments were collected illegally, although the lease contract had an Evergreen clause that if the lessee did not notify in 90 days before expiration, the payments would continue. It appears this went on for almost three years. The purchase option was 10%.
What makes it even more shameless is a collection agency was involved after payments stopped, but wait, it gets worse: the lessee has settled with the funder and the funder's collection agency, but the lessor, who sold the lease to the funder, De Lage Landen (DLL,) remains in the suit as being party, or “in collusion,” with the Evergreen clause collection matter. The fact is the lessor was not directly involved in the collection of payments or received any remuneration, as well as the suit continues, now solely against the lessor.
A date of "May 12, 2014, with all deadlines expressly tied to this date adjusted accordingly" was set for a trial in the matter.
De Lage Landen Europe was named European Lessor of the Year at this year’s Leasing Life Conference and Awards in Berlin. De Lage Landen American joined this list: www.evergreenleasingnews.org