Principis Capital LLC v. Team Van Eyk Inc.

The following e-filed documents, listed by NYSCEF document number (Motion 001) 8, 9, 10, 11, 12, 13, 14, 15, 16, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 29, 30, 31 were read on this motion for SUMMARY JUDGMENT. DECISION ORDER ON MOTION Upon the foregoing documents, the motion of plaintiff for summary judgment against defendants is granted, in accord with the following memorandum decision. Background In this action, plaintiff seeks judgment for damages incurred as the result of a breach of an agreement between plaintiff and defendant Team Van Eyk, Inc., for the purchase of future receivables (the “Agreement”), as guaranteed by the individual defendants. The complaint interposes causes of action for breach of contract, account stated, unjust enrichment, and breach of guaranty. Defendants answered the complaint, asserting three affirmative defenses that (1) “Plaintiff alleges a loan disguised as a factoring agreement that is criminally usurious, bearing an interest rate exceeding 40 percent per annum, and unenforceable against even a business entity defendant,” (2) “[u]pon information and belief, the defendants have repaid more than the principal of the underlying usurious loan and are entitled to an offset of the entire amount demanded by the plaintiff in this action,” and (3) “[t]he underlying contract is void as against public policy” (Amended Answer