Amerus Life Insurance v. Bank of America

Opinion

KRIEGLER, J.

We review the granting of a summary judgment in favor of cross-defendant and respondent Bank of America, N.A. (BofA), on the cross-complaint of appellant AmerUS Life Insurance Company (AmerUS) alleging a conversion cause of action. The underlying lawsuit arose out of a fraud perpetrated by defendant Richard Shear against an elderly widow named Maxine E. Levy, trustee of the Levy Family Trust. In the period from late 1995 through the summer of 1996, Shear, an independent life insurance agent, persuaded Levy to buy $450,000 in annuity life insurance policies from AmerUS.…