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ST. PAUL FIRE & MARINE INS. v. N.J. BK. & TR.

104 N.J. Super. 367 (1969)

250 A.2d 57

ST. PAUL FIRE AND MARINE INSURANCE COMPANY, A MINNESOTA CORPORATION AUTHORIZED TO TRANSACT BUSINESS IN NEW JERSEY, PLAINTIFF, v. NEW JERSEY BANK AND TRUST COMPANY, A BANKING CORPORATION OF THE STATE OF NEW JERSEY DEFENDANT AND THIRD-PARTY PLAINTIFF, v. CHARLES W. ACKERMAN, INC., A NEW JERSEY CORPORATION; ASSOCIATED ENGINEERS INC., A NEW JERSEY CORPORATION, CHARLES W. ACKERMAN AND CAROLYN P. ACKERMAN, THIRD-PARTY DEFENDANTS.

Superior Court of New Jersey, Law Division.

Decided January 31, 1969.

Attorney(s) appearing for the Case

Mr. Bernard L. Belsky for plaintiff, St. Paul Fire and Marine Insurance Company (Messrs. Cole, Berman & Garth, attorneys).

Mr. Allan A. Maki for defendant New Jersey Bank and Trust Company (Messrs. Corbin & Maki, attorneys).

Mr. Sheldon Schachter for third-party defendants (Messrs. Kleinberg, Moroney, Masterson & Schachter, attorneys).

MOUNTAIN, J.S.C.

This is a third-party action seeking indemnification under a contract of guaranty. The third-party plaintiff, New Jersey Bank and Trust Company (bank), lent money to Charles W. Ackerman, Inc. and to its affiliate, Associated Engineers, Inc. The loans were made to supply funds for certain subcontracting work to be done in connection with a construction project in New York. They were secured by the assignment to the bank of monies to be earned by one...

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