Legal Opinion
Commercial National Bank in Shreveport v. Superior Court
California Court of Appeal
Decided March 22, 1993No. Docket Nos. B069188, B069205, B069220, B069282PublishedCited by 20 opinions
1Opinion of the Court
Opinion
EPSTEIN, J.
This is the second case to reach us as a result of the insolvency of Executive Life Insurance Company (ELIC). In the first, Texas Commerce Bank v. Garamendi (1992) 11 Cal.App.4th 460 [14 Cal.Rptr.2d 854], we held that municipal bond guarantee contracts (Muni-GIC’s) issued by ELIC in 1986 were annuities and hence “life insurance” within the meaning of Insurance Code section 101. Since these contracts qualify as annuities, we held that their owners are policyholders, entitled to class-5 priority status under section 1033.
We now consider the more basic question of the validity…
2Cases cited18 opinions
- Carpenter v. Pacific Mutual Life InsuranceCalifornia Supreme Court · 1937
- American Surety Co. v. Bethlehem National BankSupreme Court of the United States · 1941
- Webster v. Superior CourtCalifornia Supreme Court · 1988
- Pacific Mutual Life Insurance v. McConnellCalifornia Supreme Court · 1955
- Neblett v. CarpenterSupreme Court of the United States · 1939
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3Cited by20 opinions
- Leverso v. Southtrust BankCourt of Appeals for the Eleventh Circuit · 1994
- State v. Altus Finance, S.A.California Supreme Court · 2005
- Quackenbush v. Aurora National Life Assurance Co.California Court of Appeal · 1995
- Garamendi v. Executive Life InsuranceCalifornia Court of Appeal · 1993
- Leverso v. SouthTrust Bank of Al., Nat. Assoc.Court of Appeals for the Eleventh Circuit · 1994
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