Court documents show that Fannin Automotive Family in Boyd County owes BB&T more than $17 million. According to our sister station WSAZ, that’s why the business was raided by U.S. Marshals Thursday.
According to court documents, BB&T issued a civil suit against the Fannins. The suit alleges the family owes BB&T approximately $17.8 million.
The parties involved entered into a loan agreement in August 2015 and despite an unconditional guarantee of repayment on the part of Gary Fannin, the loan is now in default.
Christopher Fannin granted BB&T first priority interest in all of his tangible personal property for the indebtedness.
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BB&T sent another letter April 10, saying they were in default and declared them to pay their debt immediately or the bank would take possession of collateral defined in the loan agreement.
According to court documents, two BB&T employees went to the dealership April 11 to take possession on the collateral, which included approximately 300 vehicles and the Christopher Fannin’s personal property collateral that consisted of an extensive firearms and knife collection.
Court documents say the BB&T representatives were refused by the Fannins and threats of bodily injury were made against the representatives.
WSAZ reports that Gary Fannin allegedly told the representatives to come up to his office to talk and “he would come back in a box.”
BB&T says the Fannins breached their agreement and now they hold first priority liens on collateral. The bank is asking the court for a monetary judgment against those named for no less than $17,823,026.75 and immediate possession of the collateral.
