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BROADWAY BK. & TRUST CO. v. N.J. PROP.-LIAB. INS.

146 N.J. Super. 80 (1976)

368 A.2d 983

BROADWAY BANK AND TRUST COMPANY, A NEW JERSEY BANKING CORPORATION, PLAINTIFF, v. THE NEW JERSEY PROPERTY-LIABILITY INSURANCE GUARANTY ASSOCIATION, DEFENDANT.

Superior Court of New Jersey, Law Division.

Decided December 1, 1976.

Attorney(s) appearing for the Case

Mr. H. George Avery for plaintiff (Messrs. Cole, Geaney & Yamner, attorneys).

Mr. Richard R. Spencer, Jr. for defendant (Messrs. Stryker, Tams & Dill, attorneys).

DOAN, J.S.C., Temporarily Assigned.

Plaintiff Broadway Bank and Trust Company (Broadway) is a New Jersey banking corporation authorized to conduct an insurance premium financing business in accordance with N.J.S.A. 17:16D-1 et seq., the Insurance Premium Finance Company Act. As part of its operation, Broadway enters into "financing agreements" with prospective insureds. These agreements provide that insureds will repay Broadway the value of all premiums...

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