NEW YORK, NY. American photographer Annie Leibovitz, one of the most respected in the world, will have to return a $24 million loan she received in 2008 as a result of a lawsuit filed after she did not comply with the terms of an agreement.

Art Capital Group has filed a lawsuit in the New York State Supreme Court alleging that the photographer has fallen behind on hundreds of thousands of dollars in unpaid fees associated with the loan. Under the agreement, Leibovitz pledged as collateral properties in Rhinebeck, N.Y., and in Greenwich Village, her negatives and the rights to her photographs.

The lawsuit states that the photographer contacted Art Capital, an artist and gallery consulting firm, in relation to a “severe” financial situation she was in, due to mortgage and fiscal obligations.

Leibovitz obtained a line of credit of $22 million from American Photography, an entity affiliated with Art Capital, of which he used $5 million at the beginning.

In December of that same year, Leibovitz asked for the loan to be increased to $24 million and the interest rate reduced to 2.75%, which was accepted by the other party, according to the text included in the lawsuit.

As part of the agreement when the loan was extended, which the photographer has used in its entirety, and the reduction in monthly payments, Leibovitz authorized American Photography to be the exclusive agent for the sale of her photographs and other works that are owned by Leibovitz, as well as her real estate properties, which were considered collateral for the loan.