CGU Life Insurance Co. of America v. Metropolitan Mortgage & Securities Co.

MEMORANDUM AND ORDER

JOYNER, District Judge.

Now pending before this Court are the cross-motions for summary judgment of the Plaintiffs, CGU Life Insurance Company of America and CGU Annuity Service Corporation, and the Defendants, Metropolitan Mortgage & Securities, Co. and Woodbridge Sterling Capital. For the reasons outlined below, the plaintiffs’ motion shall be granted and the defendants’ motion denied.

Background

This declaratory judgment action arose on or about November 14, 1997, when defendant Lester E. Lytle, Jr. and his wife executed a Settlement Agreement and Release with the Home…