The day after the head of one of Washington State’s largest agriculture operations died in a head-on crash in December, four of his family’s commercial properties went into default. Rabo AgriFinance wants to recoup its money and is asking a federal court to foreclose on the Franklin County properties. It wants the court to order Gale Easterday’s widow, two of his children and a daughter-in-law to pay up. The properties are large onion and potato packing and storage facilities in Pasco and Basin City.
Within two months, the nearly $1 million line-of-credit loan had racked up $58,000 in unpaid interest on the contract and the default. In the three months since, it has continued to accrue interest of about $580 daily at a 21% rate. “The loan is in default and has not been paid,” the lender said in its April 21 filing for breach of the loan agreement.
The complaint further states that Easterday Farms could not be included as a defendant in this civil action because of a stay in place as Easterday Farms filed a voluntary bankruptcy petition on Feb. 8.
However, that bankruptcy filing by one-half of the Easterday conglomerate “was a separate and independent default” under the loan agreement. The first was Gale Easterday’s Dec. 10 death.
According to an article on union-bulletin.com, The Easterday family, and its farming and ranching operations, have been mired in legal troubles for nearly four months.