LOL Finance Co. v. Pucket et al

UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF KANSAS
LOL Finance Co.,
Plaintiff,
v.
Andrew Pucket and Pucket Farms, LLC,
Defendants.
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Case No. 2:25-cv-02508-JAR-BGS
DEFAULT JUDGMENT ORDER AND JUDGMENT
NOW on this 6th day of January, 2026, this cause comes before the Court on the
motion for default judgment (“Motion for Default Judgment”) filed by Plaintiff LOL
Finance Co. (“LOLFC”) against Defendants Andrew Pucket and Pucket Farms, LLC
(collectively, “Defendants”), as to the causes of actions asserted in LOLFC’s Complaint
(“LOLFC’s Complaint”). LOLFC appears by and through their attorneys of record,
Spencer Fane LLP. Defendants have not appeared, and there are no other appearances.
The Court examines the pleadings and files in the above-entitled cause and finds
that LOLFC served Defendants, and that the method of service is approved by the Court.
Defendants have failed to answer or otherwise respond to LOLFC’s Complaint and,
therefore, Defendants are in default.
WHEREFORE, the Court, being fully advised in the premises, does HEREBY
ORDER, ADJUDGE AND DECREE as follows:
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1. LOLFC properly served Defendants with a summons and complaint,
respectively, in this action, and such service is hereby approved.
2. The Court has subject matter and personal jurisdiction over LOLFC,
Defendants, and this action, and venue in this Court is proper.
3. Defendants have failed to properly respond to LOLFC’s Complaint filed on
August 29, 2025.
4. Defendants are now in default.
5. All of the allegations and averments in LOLFC’s Complaint, and asserted
against Defendants, are accepted as true and correct.
6. The Court accepts the sworn and uncontroverted factual averments in the
affidavits submitted in support of the Motion for Default Judgment as true and correct.
7. Based on the averments in LOLFC’s Complaint and affidavits supporting the
Motion for Default, the Court makes the findings below.
8. In January 2024, Defendants Andrew Pucket and Pucket Farms, LLC
(collectively, “Defendants”) requested a loan in the principal amount of $200,000.00 to
purchase crop inputs for their farm (“2024 Inputs Loan”), and a loan in the amount of
$50,000.00 to purchase fertilizer (“2024 Fertilizer Loan”). The 2024 Inputs Loan was
requested through an Application/Master Note/Security Agreement that Defendants signed
on January 23, 2024 (the “Loan Agreement”).
9. On or about January 23, 2024, LOLFC, as a lender under the Loan
Agreement, issued Loan Commitments to Defendants for the 2024 Inputs Loan and the
2024 Fertilizer Loan, respectively.
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10. Under the Loan Agreement and Loan Commitment for the 2024 Inputs Loan,
Defendants promised to pay LOLFC the principal sum of $200,000.00, plus interest at the
rate of 6.99% per year, on or before the Maturity Date of February 1, 2025. Defendants
further agreed that after February 1, 2025, or upon default, the interest rate for the Inputs
Loan would be changed to the prime rate as reported by the Wall Street Journal on the first
day of each month plus 1% for the remaining term of the loan.
11. Under the Loan Agreement and Loan Commitment for the 2024 Fertilizer
Loan, Defendants promised to pay LOLFC the principal sum of $50,000.00, plus interest
at the rate of 10.50% per year, with an interest rate adjustment that added a margin of
2.0000% to the prime rate as reported by the Wall Street Journal, on or before the Maturity
Date of February 1, 2025. Defendants further agreed that after February 1, 2025, or upon
default, the interest rate for the Inputs Loan would be changed to the prime rate as reported
by the Wall Street Journal on the first day of each month plus 2% for the remaining term
of the loan.
12. Defendants defaulted on their obligations under the Loan Agreement and
2024 Loan Commitments by failing to pay the principal and interest due under the 2024
Inputs Loan and the 2024 Fertilizer Loan on or before the February 1, 2025, Maturity Date.
13. Moreover, in October 2024, LOLFC agreed to provide Defendants with a
loan in the principal amount of $125,000.00 to purchase crop inputs for their farm (“2025
Inputs Loan”), and a loan in the amount of $125,000.00 to purchase fertilizer (“2025
Fertilizer Loan”).
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14. Specifically, on or about October 24, 2024, LOLFC issued Loan
Commitments to Defendants for the 2025 Inputs Loan and the 2025 Fertilizer Loan,
respectively.
15. Under the Loan Agreement and Loan Commitment for the 2025 Inputs Loan,
Defendants promised to pay LOLFC the principal sum of $125,000.00, plus interest at the
rate of 5.25% per year, on or before the Maturity Date of February 1, 2026. Defendants
further agreed that after February 1, 2026, or upon default, the interest rate for the Inputs
Loan would be changed to the prime rate as reported by the Wall Street Journal on the first
day of each month plus 1% for the remaining term of the loan.
16. Under the Loan Agreement and Loan Commitment for the 2025 Fertilizer
Loan, Defendants promised to pay LOLFC the principal sum of $125,000.00, interest free,
on or before the Maturity Date of February 1, 2026. Defendants further agreed that after
February 1, 2026, or upon default, the interest rate for the Inputs Loan would be changed
to the prime rate as reported by the Wall Street Journal on the first day of each month plus
1.50% for the remaining term of the loan.
17. Defendants defaulted on their obligations under the Loan Agreement and
2025 Loan Commitments by failing to pay the principal and interest due under the 2025
Inputs Loan and the 2025 Fertilizer Loan on or before the February 1, 2026, Maturity Date.
18. LOLFC has satisfied all conditions necessary for the enforcement of the Loan
Agreement, the 2024 Loan Commitments, and the 2025 Loan Commitments.
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19. LOLFC sent monthly account statements to Defendants itemizing the
principal and interest due under the 2024 Loans and 2025 Loans. The last regular, monthly
account statement was sent to Defendants on or about June 30, 2025.
20. The following amounts were due to LOLFC under the 2024 Loans and 2025
Loans as of June 30, 2025:
Loan Principal Interest Total
2024 Inputs $129,460.66 $ 13,025.21 $142,485.87
2024 Fertilizer $ 87,457.51 $ 14,223.42 $101,680.93
2025 Inputs $ 13,802.50 $ 445.61 $ 14,248.11
2025 Fertilizer $ 25,958.18 $ 960.12 $ 26,918.30
Total: $256,678.85 $ 28,654.36 $285,333.21
21. Based upon the amounts due and owing to LOLFC as of June 30, 2025, and
the additional interest set forth on the spreadsheets provided by LOLFC’s sworn affidavit,
the following amounts were due under the 2024 Loans and 2025 Loans as of December 17,
2025:
Additional
Interest to
Loan 60/30/25 Balance to 12/17/25 Total
2024 Inputs $142,485.87 $ 4,994.88 $147,480.75
2024 Fertilizer $101,680.93 $ 3,781.64 $105,462.57
2025 Inputs $ 14,248.11 $ 532.53 $ 14,780.64
2025 Fertilizer $ 26,918.30 $ 1,061.97 $ 27,980.27
Total $285,333.21 $10,371.02 $295,704.23
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22. Interest has accrued on the 2024 Loans and 2025 Loans since December 17,
2025, and will continue to accrue through the date of entry of judgment, at the following
daily rates:
Loan Daily Interest
2024 Inputs $ 27.49
2024 Fertilizer $ 20.97
2025 Inputs $ 2.93
2025 Fertilizer $ 5.87
Total $ 57.26
23. By virtue of the Loan Agreement, the Loan Commitments, and Inputs Loans
and Fertilizer Loans, as described in LOLFC’s Complaint and Affidavit, which are
incorporated herein by reference, there is due and owing to LOLFC the following damages
related to principal and interest amounts:
a. Principal in the amount of $256,678.85;
b. Interest in the amount of $39,941.54 as of January 2, 2026; and
c. Post-judgment interest of 9.50% applied to the principal amount only
from and after the date of this Judgment, until paid.
24. LOLFC is also entitled to attorneys’ fees and costs totaling $10,975.00,
pursuant to the loan agreements, and because of Defendants’ breach of the Loan Agreement
and Loan Commitment for the Crop Inputs in Count I of LOLFC’s Complaint.
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25. LOLFC also properly perfected its security interest in the Collateral by filing
a financing statement with the Kansas Secretary of State on March 17, 2025, as File No.
121270995.
26. To protect LOLFC’s right in the Collateral, if the Judgment, with interest
thereon, and together with the attorneys’ fees and costs described above, is not paid within
fourteen (14) days from the date of the entry of this Judgment, then an Order of Special
Execution shall issue out of this Court upon the praecipe of LOLFC filed therefor and
directed to the Sheriff of Meade County, Kansas, commanding him to take possession of
the Collateral, and to deliver such Collateral to LOLFC for sale by public or private
proceedings, by one or more contracts, as a unit or in parcels, pursuant to K.S.A. § 84-9-
610.
27. Collateral means the following assets owned by Defendants or acquired by
Defendants in the future: all farm products and proceeds thereof, all additions or accessions
thereto and all substitutions and replacements thereof; all crops growing, grown or to be
grown; all harvested crops; all livestock; all warehouse receipts or other documents
(negotiable or non-negotiable) issued for storage of such crops; all seed, fertilizer,
chemicals and petroleum, and any other crop input products; all contract rights, chattel
paper, documents, instruments, accounts, accounts receivable, general intangibles and cash
and non-cash proceeds from the sale, exchange, collection or disposition of any of the
foregoing assets; all entitlements and payments, whether in cash or in kind, arising under
any governmental, whether federal or state, agricultural subsidy, deficiency, diversion,
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conservation, disaster or any similar or other programs; and all farm and business
machinery, equipment and tools.
28. The proceeds of sale of the Collateral shall be applied first toward the
satisfaction of LOLFC’s judgment and costs, with any such remainder provided by LOLFC
to Defendants through certified funds within fourteen (14) days of the completion of
LOLFC’s attempts to sell the Collateral, including the return of such Collateral to
Defendants for any unsold Collateral beyond the satisfaction of this Judgment.
NOW THEREFORE, this Court finds that Andrew Pucket and Pucket Farms, LLC
are in default, Plaintiff LOL Finance Co.’s claims are true and correct, and Plaintiff LOL
Finance Co. is entitled to judgment, which is hereby rendered as follows:
In Plaintiff’s favor and against Defendants for:
i. The principal and interest of the loan agreements in the amount
of $296,620.39 through January 2, 2026;
ii. Interest accruing at a daily rate of $27.49 each day for the 2024
Inputs Loan;
iii. Interest accruing at a daily rate of $20.97 each day for the 2024
Fertilizer Loan;
iv. Interest accruing at a daily rate of $2.93 each day for the 2025
Inputs Loan;
v. Interest accruing at a daily rate of $5.87 each day for the 2025
Fertilizer Loan;
vi. The post-judgment interest of 9.50% applied to the principal
amount only from and after the date of this Judgment, until
paid;
vii. Plaintiff’s attorneys’ fees and costs in the amount of
$10,975.00; and
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viii. Plaintiff’s entitlement to all appropriate proceeds of the sale of
Defendants’ Collateral to satisfy this Judgment from the date
of this Judgment, until LOLFC’s sale completes, in a manner
addressed in this Judgment.
The Court finds that there is no just reason for delay in entering judgment against
Defendants.
IT IS SO ORDERED.
s/ Julie A. Robinson
UNITED STATES DISTRICT JUDGE
SUBMITTED AND APPROVED BY:
s/ Olawale O. Akinmoladun
Joshua C. Dickinson, KS #20632
SPENCER FANE LLP
13815 FNB Parkway, Suite 200
Omaha, NE 68154
Telephone: (402) 965-8600
Fax: (402) 965-8601
E-mail: jdickinson@spencerfane.com
Olawale O. Akinmoladun, KS #25151
SPENCER FANE LLP
1000 Walnut Street, Suite 1400
Kansas City, Missouri 64106
Telephone: (816) 474-8100
Fax: (816) 474-3216
Email: wakinmoladun@spencerfane.com
Attorneys for Plaintiff
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