(DOWNLOAD) "Pine Top Insurance Co. v. Bank of America National Trust and Savings Association" by United States Court of Appeals for the Seventh Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Pine Top Insurance Co. v. Bank of America National Trust and Savings Association
- Author : United States Court of Appeals for the Seventh Circuit
- Release Date : January 17, 1992
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 86 KB
Description
FLAUM, Circuit Judge. This is a consolidated appeal of two diversity suits brought by the Illinois Department of Insurance (Department), as liquidator of the Pine Top Insurance Company (Pine Top), to recover allegedly preferential transfers made to several of Pine Top's creditors just prior to going into liquidation. In opinions rendered just eleven days apart, two district courts separately concluded that one of those creditors, the Bank of America National Trust and Savings Association (Bank or Bank of America), a defendant in both suits, did not receive a preferential transfer and granted summary judgment in its favor. See Pine Top Ins. Co. v. Century Indem. Co., 123 Bankr. 287 (N.D. Ill. 1990); Pine Top Ins. Co. v. Republic Western Ins. Co., 123 Bankr. 277 (N.D. Ill. 1990). Both courts denied summary judgment motions filed by the remaining creditors, Republic Western Insurance Company (Republic) and Century Indemnity Company (Century), and the two cases remained pending against them. However, Pine Top and Republic subsequently settled their dispute, making the Bank's dismissal in the Republic case final and appealable. Consequently, the Bank moved for entry of a partial final judgment in the Century case, pursuant to Fed. R. Civ. P. 54(b), to permit Pine Top to appeal the Bank's dismissal from that suit in tandem with its dismissal from the Republic suit, thereby avoiding the possibility of sequential appeals involving identical issues. We consolidated the two cases on joint motion of the parties, and thus the only issue before us is whether the district courts properly granted summary judgment to the Bank. For the reasons offered below, we conclude that the courts acted properly and affirm.
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