New York Life Insurance Company v. Noel B. Baum and Media Sales and Marketing, Inc.

THORNBERRY, Circuit Judge:

I. Introduction:

This is the second appeal following our remand to the district court in 617 F.2d 1201, 1205. On remand, the district court held that under the conflict of laws rules of Texas, Louisiana law applied. The court then concluded that under Louisiana law, neither Baum nor Media Texas had an insurable interest in the life of Cook, and that the life insurance policy was consequently void from the outset. After reexamining the record as a whole, we conclude that the district court erred as a matter of law in applying the law of Louisiana. Furthermore, we hold…