One Bank & Trust N A v. Larry McNeill Irrevocable Life Insurance Trust et al

Filing 78

CONSENT JUDGMENT against The Larry McNeill Irrevocable Life Insurance Trust, and Larry R. McNeill, jointly and severally in favor of One Banc in the amount of $110,000.00, which shall bear interest at 5.75% per annum. Signed by Judge Billy Roy Wilson on 10/18/11. (kpr)

IN THE UNITED STATESDISfRICT COURT

EASTERN DISTRICT OF ARKANSAS

WESTERN DIVISION

I,

ONE BANK & TRUST, N.A.
V.

PLAINTIFF

CASE NO. 4-09-CV-052S-WRW

THE LARRY MCNEILL IRREVOCABLE
LIFE INSURANCE TRUST and
LARRY R. MCNEILL, INDIVIDUALLY

DEFENDANTS

CONSENT JUDGMENT
On this date, One Bank & Trust, N.A. ("One Bane") and The Larry McNeill
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Irrevocable Life Insurance Trust, and Larry R. McNeill come before the Court, jointly
waive trial, and announce that they have agreed tO a settlement of the claims herein,
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including the entry of a consent judgment in favot of One Bane. The Court, being
sufficiently advised, finds:
PARTIES
1.

One Bane is a national banking association, with its main office, as set forth

in its articles of incorporation, located in Little Rock, Arkansas.
2.

The Larry McNeill Irrevocable Life Insurance Trust ("Trust") is a life

insurance trust created in July, 2003 under the laws of the State of Utah with its principal
place of business being at 350 S. 44 E. Suite 205, Salt Lake City, Utah. The last four
digits of the Trust's EIN are 9129. At all times relevant hereto, James McNeill has
served as the trustee of the Trust. James McNeill resides at 14812 North 45 th Way,
PhoeniX, Arizona.

3.

Larry R. McNeill resides at 8430 South Robidoux Road, Sandy, Utah.

Larry R. McNeill's year of birth is 1941 and the last four digits of his social security
number are 9577. Larry R. McNeill was the settlor of the Trust. James McNeill and
Larry R. McNeill are brothers.
STIPULATED FINDINGS
4.

This Court has subject matter jurisdiction of this action pursuant to 28

U.S.C. § 1332(a)(1) as complete diversity exists between the parties and the amount in
controversy exceeds $75,000.00, exclusive of interest and costs.
5.

Venue is proper in this judicial district pursuant to 28 U.S.C. § 1391(a)(2)

because a substantial part of the events giving rise to the claim occurred in this judicial
district. In addition, pursuant to the terms of the written documents executed by the
Defendants, the Defendants have submitted to venue here in Arkansas.
6.

On or about September 5, 2007, One Bane made a loan to the Trust ("the

Loan") pursuant to a Promissory Note and Security Agreement dated September 5, 2007
("the Note").
7.

On or about September 5, 2007, the Trust, by its trustee James McNeill

executed the original version of the Promissory Note and Security Agreement.
8.

The parties have agreed that, for purposes of settling the dipsuted claims

herein without admission, a judgment by consent may be entered against The Larry
McNeill Irrevocable Life Insurance Trust, and Larry R. McNeill, jointly and severally in
favor of One Bane in the amount of ONE HUNDRED TEN THOUSAND DOLLARS

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AND NO CENTS ($110,000.00), which shall bear a post-judgment interest rate of 5.75%
per annum, with each party to bear its own costs and fees.
9.

The parties have further agreed that any and all counterclaims asserted by

The Larry McNeill Irrevocable Life Insurance Trust, and Larry R. McNeill against One
Banc should be dismissed with prejudice.
MONETARY AWARD

Therefore, judgment is entered against Defendants The Larry McNeill Irrevocable
Life Insurance Trust, and Larry R. McNeill, jointly and severally in favor of One Banc in
the amount of ONE HUNDRED TEN THOUSAND DOLLARS AND NO CENTS
($110,000.00), which shall bear a post-judgment interest rate of 5.75% per annum. Any
and all counterclaims asserted by The Larry McNeill Irrevocable Life Insurance Trust,
and Larry R. McNeill against One Banc are hereby dismissed with prejudice.

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Approved as to Form:

John Keeling Baker, Ark. ar No. 97024
Alex T. Gray, Ark. Bar No. 2008127
MITCHELL, WILLIAMS, SELIG,
GATES & WOODYARD, P.L.L.C.
425 West Capitol Avenue, Suite 1800

Little Rock, Arkansas 72201

[phone]

[phone] - facsimile
[e-mail]
[e-mail]
ATTORNEYS FOR ONE BANK & TRUST, N.A.

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Timothy Cullen, Ark. Bar No. 97062

CULLEN & COMPANY PLLC

124 West Capitol Avenue, Suite 1805

Little Rock, Arkansas 72201

ATTORNEY FOR DEFENDANTS

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