A.I. CREDIT CORPORATION v. JASON ROBERT’S, INC.

2007 Ct. Sup. 14317
No. CV 04-4005736 SConnecticut Superior Court Judicial District of New Haven at New Haven
August 23, 2007

[EDITOR’S NOTE: This case is unpublished as indicated by the issuing court.]

MEMORANDUM OF DECISION
WILLIAM L. HADDEN, JUDGE TRIAL REFEREE.

This is a one-count civil action wherein the plaintiff corporation is seeking money damages from the defendant corporation for an alleged breach of a certain financing agreement. The defendant has denied the essential allegations of the complaint, and has filed three special defenses and a counterclaim seeking money damages, punitive damages, and attorneys fees. The plaintiff then filed an answer denying the essential allegations of the counterclaim, and two special defenses which have been denied by the defendant. This court conduct a trial of this matter on August 22, 2007.

The court finds the following facts and reaches the following conclusions. On May 20, 2003 the defendant corporation entered into a premium finance agreement with C C Premium Finance, Inc., (C C). The defendant had purchased three one-year insurance polices in connection with its business operations. The agreement provided that C C would finance the insurance premium payments in consideration of the defendant’s agreement to repay C C in accordance with the terms of the agreement. The total cost of the premiums was $96,789.16. The defendant made a cash down payment of $24,167.29, leaving $72,621.87 to be financed by C C. The agreement provided that the defendant would repay C C the amount financed, plus a finance charge of $2,057.88, for a total of $74,679.75, to be paid in nine monthly payments of $8,297.75, commencing on June 22, 2003 and ending on February 22, 2004.

On June 10, 2003, the plaintiff finance company purchased the agreement from C C, and the agreement was assigned to the plaintiff. On the day of purchase the plaintiff notified the defendant in writing of the assignment. Thereafter, in accordance with the agreement and the assignment, the defendant paid monthly payments of $8,297.75 to the plaintiff on June 19, July 22, August 25, and September 19, 2003. After some delay, another monthly payment was made on November 11, 2003. On January 6, 2004 the agreement was cancelled by the plaintiff, in accordance with the terms of the agreement, because of non-payment by CT Page 14318 the defendant.

After appropriate audits of the net premiums earned on the three cancelled policies by the insurance companies involved, the plaintiff received returns of premiums totaling $25,617.30 which were credited to the defendant. After deducting said return premiums and adding late fee charges, there remains due on the agreement the sum of $7,988.59. In addition to the principal amount due, the plaintiff is entitled under the agreement to interest computed to the date of judgment of $1,602.00, and a reasonable attorneys fee of $1,500.00.

The defendant has failed to prove the allegations of its special defenses or counterclaim.

Accordingly, a judgment may enter on the complaint as against the defendant in the amount of $11,090.59 plus taxable costs.

CT Page 14319