Easton-Phillipsburg Rent-A-Car, Inc. v. Puritan Life Insurance

GRIFO, J.,

Presently before the court is defendant’s motion for summary judgment against plaintiff, Lafayette Trust Bank.

Plaintiffs commenced this action to recover benefits from a life insurance policy purchased in August, 1978 from defendant by Frank Richetta, for plaintiff, Easton Phillipsburg Rent-A-Car, Inc. Richetta was President of Easton-Phillipsburg Rent-A-Car. Subsequently, Richetta assigned the policy to Lafayette Trust Bank as collateral for a loan. Lafayette Trust Bank gave defendant insurance company notice of this assignment, and the assignment was acknowledged by defendant. In…