State ex rel. Doak v. Pride National Insurance Co.

BRIAN JACK GOREE, JUDGE:

¶ 1 This appeal arises from the receivership of an insolvent insurance company, Defendant Pride National Insurance Company (Pride). Appellant, Fifth Third Bank (Bank), seeks review of the trial court’s order ordering Bank to turn over to the State of Oklahoma, ex rel. John D. Doak, Insurance Commissioner (Receiver), cash collateral securing Bank’s letter of credit. We hold that under the Insurance Code, Bank was a secured creditor who was entitled to discharge its claim by resort to the security. We reverse the trial court’s order and remand this matter with…