Annie Leibovitz in Danger of Losing the Rights to Photographs

Famed celebrity photographer, Annie Leibovitz, has been sued by Art Capital Group Inc. for breach of contract. The art finance company has loaned Leibovitz $24 million, originally $22 million, on June 2008. The company claimed that Leibovitz took the loan to escape from real estate bills and tax liens.

"In connection with the negotiation of this $22 million credit facility, Leibovitz discussed and acknowledged that Leibovitz's fine art, intellectual property and real estate assets, all collateral for the loan, would likely need to be sold . . . as part of the process of Leibovitz's financial restructuring," the lawsuit filed Wednesday said.

Because Leibovitz had not met with the necessary people to facilitate the sales of her work, she is being accused of contract breach. The photographer, on the other hand, claims that the lawsuit is an example of "continued harassment."

According to the New York Post, the loan is not due until September 8 and Leibovitz is confident that she will be able to refinance the loan next month. If she ends up defaulting on the loan, she could lose the rights to her life's work.