Opinion
No. CV 02-0813315S
September 19, 2003
MEMORANDUM OF DECISION
The plaintiff, Community Economic Development Fund 1, LLC, has met its burden of proof that the defendant Kevin Vanier, as guarantor of a note in the principal sum of $300,000 from Equipment Service, Inc. (ESI) to the plaintiff dated September 3, 1999, owes the plaintiff $300,000 together with interest of $185,500 and late charges of $10,289.94 or a total of $495,789.94 as of September 11, 2002, with a per diem rate of $125.
In his guaranty agreement, Mr. Vanier guaranteed all of the indebtedness, liabilities and obligations of ESI to the plaintiff. Moreover, Mr. Vanier waived diligence, presentment, protest, notice of dishonor, demand for payment and further agreed, inter alia, that the plaintiff was not obligated to utilize the collateral supplied by ESI. The guaranty was explained to him at the closing by ESI's attorney; Mr. Vanier was a partner in ESI with his brother-in-law the defendant R. Kevin King.
Mr. Vanier has alleged, but has failed to prove, duress and various claims concerning release of the collateral. While certain collateral may have been seized from ESI, it was done, not by the plaintiff but rather by a non-party, American Commercial Finance Corporation, to satisfy ESI's obligation to that entity.
"To establish a prima facie case of entitlement to recover on [a] guaranty . . . the plaintiff must show 1) that it is owed a debt from a third party; 2) that defendant made a guaranty of payment of the debt; and 3) that the debt has not been paid by either the third party or defendant." Chase Manhattan Bank, N. A. v. Harris, 899 F. Sup. 64, 67 (D.Conn. 1995). The plaintiff has proved all these essential elements and Mr. Vanier has failed to prove any of his special defenses. Judgment enters for the plaintiff with costs; the issue of attorneys fees will be determined, by agreement, at a later date. CT Page 10879-dl
Berger, J. CT Page 10879-dm