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IN RE LIQUIDATION OF SECURITY CAS. CO.

No. 66827.

127 Ill.2d 434 (1989)

537 N.E.2d 775

In re LIQUIDATION OF SECURITY CASUALTY COMPANY (John E. Washburn, Director of Insurance, Appellant, v. Peter Dyson et al., Appellees).

Supreme Court of Illinois.

Opinion filed March 29, 1989.

Attorney(s) appearing for the Case

Samuel K. Skinner, James R. Stinson and Robert T. Biskup, of Sidley & Austin, of Chicago, for appellant Director of Insurance.

R.R. McMahan, Rowe W. Snider and Timothy M. Maggio, of Lord, Bissell & Brook, of Chicago, for intervenor-appellant Illinois Insurance Guaranty Fund.

Marc J. Chalfen, of DeHaan & Richter, P.C., of Chicago, and Karl L. Rubinstein, Jeffrey L. Wood, Robert H. Nunnally, Jr., and Murray J. Rossini, of Rubinstein & Perry, of Dallas, Texas, for intervenor-appellant Texas Property and Casualty Guaranty Association.

William G. Swindal, of Hinshaw, Culbertson, Moelmann, Hoban & Fuller, of Chicago, for intervenor-appellant nonresident guaranty funds.

James E. O'Halloran, of O'Halloran, Walker, Kosoff & Miller, and John O. Demaret, of John O. Demaret & Associates, both of Northbrook, and Richard M. Meyer, of Milberg, Weiss, Bershad, Specthrie & Lerach, of New York, New York, for appellees.

Kahn, Robinson & Curley, of Chicago, and Carole J. Olson, of Kansas City, Missouri, for amicus curiae National Association of Insurance Commissioners.

Reversed and remanded.

JUSTICE MILLER delivered the opinion of the court:

The question presented by this appeal concerns the priority to be accorded to the claims of defrauded shareholders of an insurance company that is undergoing liquidation pursuant to the Illinois Insurance Code (Ill. Rev. Stat. 1987, ch. 73, pars. 613 through 1065.906). A class of shareholders of Security America Corporation was permitted to intervene in liquidation proceedings brought...

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