McReynolds v. Cherokee Insurance Co.

OPINION

CANTRELL, Judge.

This is an action by the Special Deputy Commissioner of Insurance for the Rehabilitation of Cherokee Insurance Company, against Cherokee’s owner, Diamond Financial Holdings, Inc., for the amounts allegedly due under a tax sharing agreement. The Chancery Court of Davidson County granted summary judgment to Diamond, holding that the agreement was terminated at the end of June 1984 and that the rehabilitator could not revise Cherokee’s annual statements for the years 1982, 1983, and 1984. We affirm.

I

Diamond, a wholly-owned subsidiary of Dana Corporation, acquired all of…