On appeal from Superior Court of New Jersey, Law Division, Hudson County, Docket Nos. L-5046-08 and L-1169-09.
NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION
Before Judges Wefing and Baxter.
Plaintiff, Ramnarian M. Joeglal ("Joeglal") challenges four trial court orders on appeal; one granted summary judgment to defendant Paccar Financial Corp. ("Paccar"); one denied plaintiff's motion for summary judgment; one denied plaintiff's motion for reconsideration; and one barred late amendment to plaintiff's answers to interrogatories. After reviewing the record in light of the contentions advanced on appeal, we reverse and remand for further proceedings.
Plaintiff owns and operates a small trucking business while defendant is a truck financing company. Plaintiff purchased three trucks, two in August 2006 and one in October 2007, and financed the transactions through defendant, pledging the trucks as collateral under three separate security agreements. These security agreements each contained identical terms and required plaintiff to insure the trucks "against fire, theft, [and] collision. . . ." The security agreements specified that the insurance was to be for either "the full insurable value of the Collateral or the full amount of all obligations this Contract secures, whichever is greater." In addition, the agreements included as events of default a failure by plaintiff "to pay on or before the due date the full amount of any . . . insurance premium, or other obligation secured by this Contract" as well as a failure by plaintiff "to perform any of [plaintiff's] obligations" under the security agreement.
In the event of a default by plaintiff, defendant had the right to declare the entire unpaid balance "immediately due and payable." In addition, defendant had the following rights with respect to its collateral:
(a) On [defendant's] demand, [plaintiff] shall deliver possession of the Collateral to [defendant] at a place [defendant] designates reasonably convenient to both parties.
(b) [Defendant] may enter any premises, where the Collateral may be found and take possession of it without notice, demand, or legal proceeding, provided such entry is in compliance with law.
(c) [Defendant] shall give [plaintiff] at least ten (10) days written notice of any sale of the Collateral which [plaintiff] agrees to be reasonable notice. . . .
(d) Expense of retaking, holding, preparing for sale, selling and the like shall include, to the fullest extent permitted by law (i) the fees of any attorneys retained by [defendant], and (ii) all other legal expenses incurred by [defendant].
(e) [Plaintiff] agrees that it is liable for and will promptly pay any deficiency resulting from any disposition of the Collateral after default.
Further, each security agreement stated, "[t]his contract is entered into in the State of New York and is governed by its laws."
Following plaintiff's purchase of these trucks, his broker, Inter-America Insurance Agency, L.L.C., obtained insurance for ...