Jermaine Dupri is in jeopardy of losing his rights to the music from his So So Def label ... because he can't seem to pay off an enormous loan.
Dupri borrowed $4.8 mil from SunTrust Bank back in 2010 .... he paid more than half of it back, but then the bank stopped getting payments. So SunTrust is now suing Dupri for nearly $2 mil -- the balance due, plus interest.
Here's the BIG problem ... In order to get the loan, Dupri had put up collateral, in the form of copyrights and royalties to the many songs his label owns from artists like Xscape, Bow Wow and Da Brat.
As far as we can see, Dupri still hasn't anted up the cash. And it's not his only trouble with $$$. He paid off a $3 MILLION tax lien in February and dodged the foreclosure of his Atlanta mansion TWICE in the past year
3:35 PM PT -- Dupri tells TMZ ... the lawsuit filed by SunTrust is completely BOGUS -- telling us, "SunTrust bank is full of s**t."