Legal Opinion
Oppenheimer AMT-Free Municipals v. ACA Financial Guaranty Corp.
Appellate Division of the Supreme Court of the State of New York
Decided September 3, 2013Published
1Opinion of the Court
OPINION OF THE COURT
Gische, J.
The underlying complaint seeks a declaration that defendant is still obligated to pay plaintiffs under certain insurance policies that guaranteed payment of municipal bonds when they matured in the event the issuing entity did not make the payment. Defendant seeks a declaration that it is relieved of liability for any further payment under the policies.
In February 1998, a public benefit corporation (issuer) issued and sold $200,177,680 in municipal bonds to finance the extension of a toll road in Greenville, South Carolina (original bonds). The issuance was made…
2Cases cited11 opinions
- White v. Continental Casualty Co.New York Court of Appeals · 2007
- Vigilant Insurance v. Bear Stearns CompaniesNew York Court of Appeals · 2008
- Cragg v. Allstate Indemnity Corp.New York Court of Appeals · 2011
- Pioneer Tower Owners Association v. STATE FARM & CASUALTY COMPANYNew York Court of Appeals · 2009
- Bier Pension Plan Trust v. Estate of SchneiersonNew York Court of Appeals · 1989
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