Ronconi Data Services, Inc. v. Travelers Indemnity Co.

OPINION OF THE COURT

Arthur S. Hirsch, J.

On April 1, 1972, F.M.I. Management, Inc. (FMI) entered into a contract with plaintiff Ronconi Data Services, Inc. (Ronconi), in which it was agreed that Ronconi would purchase all of FMI’s operating assets and that FMI would thereafter cease the active conduct of its business. FMI turned over to Ronconi, among other assets, a 1971 Volkswagen automobile which from the date of the execution of the contract was used exclusively by Ronconi in the operation of its newly acquired business. One Stephen Kent, who had previously been an employee of FMI, became…