Legal Opinion
PHL Variable Insurance Company v. Bank of Utah
Court of Appeals for the Eighth Circuit
Decided March 13, 2015No. 14-1210PublishedCited by 16 opinions
1Opinion of the Court
LOKEN, Circuit Judge.
This case turns on the validity of a $5 million life insurance policy issued in 2007 by PHL Variable Life Insurance Company (PHL) insuring the life of William Close. When Close died in 2011, the policy was a stranger-owned-life-insurance policy *865(“STOLI policy”), owned after interim transfers by appellant Bank of Utah as custodian for life insurance policy investors. Bank of Utah as beneficiary demanded payment of the death benefit. PHL commenced this action, seeking a declaratory judgment that the policy was “void ab initio” for lack of an insurable interest. The district…
2Cases cited16 opinions
- Connecticut Mutual Life Insurance v. SchaeferSupreme Court of the United States · 1877
- Grigsby v. RussellSupreme Court of the United States · 1911
- Johnson v. Securitas Security Services USA, Inc.Court of Appeals for the Eighth Circuit · 2014
- Gordon v. Ware Nat. BankCourt of Appeals for the Eighth Circuit · 1904
- Katun Corporation, a Minnesota Corporation v. Terence Michael Clarke, a Florida CitizenCourt of Appeals for the Eighth Circuit · 2007
11 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Sun Life Assurance Company of Canada v. Wells Fargo Bank NA (080669) (Statewide)Supreme Court of New Jersey · 2019
- Ohio National Life Assurance v. Steven EgbertCourt of Appeals for the Seventh Circuit · 2015
- Wells Fargo Bank, N.A. v. Pruco Life Insurance CompanySupreme Court of Florida · 2016
- Crum v. Jackson National Life Insurance CompanySupreme Court of Georgia · 2022
- PHL Variable Insurance v. 2008 Christa Joseph Irrevocable Trust Ex Rel. BNC National BankCourt of Appeals for the Eighth Circuit · 2015
11 more not listed; retrieve them via the Exa API.