Marvin Oreck, Inc. v. Connecticut General Life Insurance

Otis, Justice.

This is an action to determine which of two claimants is the beneficiary entitled to the proceeds of a $50,000 life insurance *25policy. The trial court found for the plaintiff corporation, and the defendant estate appeals. The policy in question was a business asset in a partnership which dissolved and was succeeded by various corporate entities, each of which retained ownership of the policies. The basic issue is whether in repurchasing the business, which had become insolvent, one of the partners was guilty of a breach of fiduciary duty by failing to make a full disclosure and…