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GULF LIFE INS. CO. v. FOLSOM

No. 89-8534.

907 F.2d 1115 (1990)

GULF LIFE INSURANCE COMPANY, Plaintiff-Appellant, v. Sidney M. FOLSOM, Folsom Construction Company, Randall M. Folsom and Lawanda F. Rigdon, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

August 3, 1990.

Attorney(s) appearing for the Case

Jesse W. Walters, Donald W. Lee, Perry, Walters & Lippitt, Albany, Ga., for plaintiff-appellant.

David N. Rainwater, David A. Forehand, Jr., Rainwater and Christy, Cordele, Ga., for defendants-appellees.

Before TUTTLE, RONEY and HILL, Senior Circuit Judges.

HILL, Senior Circuit Judge:

The appellant in this case, Gulf Life Insurance Company ("Gulf") issued four $100,000 policies of whole life insurance on the life of Sidney M. Folsom, who was at that time the chief operating officer of appellee, Folsom Construction Company ("Folsom"). One policy was issue on March 5, 1974, and the other three were issued on March 4, 1977. Folsom was the owner and beneficiary of all four policies...

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