QUICK TAKES - July 31, 2009

Photographer Annie Leibovitz was sued by Art Capital Group Inc. and accused of failing to live up to the terms of agreements for loans of $24 million.

Leibovitz approached the firm last year over her “dire financial condition” arising from tax liens and debts, the lender and art consultant claimed in a complaint filed this week in state court in New York.

Using her artworks, intellectual property and real estate assets as collateral, Leibovitz borrowed $24 million from Art Capital to pay creditors, the firm said. It alleged that she then failed to meet obligations in the loan agreements and has blocked the firm’s contractual right to act as her exclusive sales agent.

Leibovitz didn’t respond to requests for comment.