DocketNumber: No. CV00 0176877 S
Citation Numbers: 2001 Conn. Super. Ct. 4763
Judges: MINTZ, JUDGE.
Filed Date: 4/4/2001
Status: Non-Precedential
Modified Date: 4/18/2021
A motion for summary judgment shall be granted "if the pleadings, affidavits and any other proof submitted show that there is no genuine issue as to any material fact and that the moving party is entitled to judgment as a matter of law." (Internal quotation marks omitted.) Milesv. Foley,
In an affidavit submitted in support of his motion for summary judgment, the plaintiff attests that on or about April 16, 1998, in exchange for a $300,000 loan made by the plaintiff to Bluewater, Bluewater executed a promissory note payable to the plaintiff. (Plaintiff's Affidavit #125, ¶¶ 4, 5.) The plaintiff attests that on the same date, on or about April 16, 1998, the plaintiff became a limited partner of the defendant Bluewater, holding a 40% interest in the company. (Plaintiff's Affidavit #125, ¶¶ 13, 14.) The plaintiff further attests that on or about August 14, 1998, the plaintiff entered into a pledge and security agreement (pledge) with Amresco Commercial Finance, Inc. (Amresco),1 a company that had agreed to loan an amount exceeding eleven million dollars to Bluewater. (Plaintiff's Affidavit #125, ¶ 18) Finally, the plaintiff attests that by executing the pledge, the plaintiff did not transfer any portion of his personal interest in the promissory note to Amresco but rather, the plaintiff granted Amresco a lien and an interest in the plaintiff's partnership CT Page 4765 interest in Bluewater. (Plaintiff's Affidavit #125, ¶¶ 20; see also Plaintiff's Exh. E.)
The defendants, in turn, assert that as part of the consideration for the plaintiff's $300,000 loan which is reflected in the promissory note, the plaintiff was made a 40% limited partner of Bluewater. (Defendants' memorandum, Exh. C: Palmer Affidavit ¶ 2.) The defendants assert that Bluewater financed a development project with a loan from Amresco. (Defendants' memorandum, Exh. C: Palmer Affidavit ¶ 4.) The defendants contend, however, that in connection with and as security for the loan from Amresco, the plaintiff, as a limited partner of Bluewater, assigned, transferred, pledged and conveyed to Amresco all of the plaintiff's rights, title and interest in the promissory note underlying the $300,000 loan. (Defendants' memorandum, Exh. C: Palmer Affidavit ¶ 5; see also Plaintiff's Exh. E.) Thus, the defendants argue that the language of the pledge instrument encompasses the promissory note and, at the very least, creates a question of fact as to whether the promissory note was pledged to Amresco as collateral.2
"The general rules of contract construction apply when construing a pledge agreement." Shawmut Bank Connecticut v. Connecticut LimousineService, Inc.,
This court finds that the plaintiff's pledge to Amresco is ambiguous as to whether it encompasses and transfers the plaintiff's interest in the promissory note. Consequently, the court finds that a genuine issue of material fact is in dispute regarding the plaintiff's right to enforce the promissory note against the defendants. Additionally, the court notes that summary judgment is "ill adapted to cases of a complex nature . . . which often need the full exploration of trial." United Oil Co. v. UrbanRedevelopment Commission,
MINTZ, J.