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JOHN HANCOCK MUT. v. AMERFORD INTERN.

No. 91 Civ. 8635 (JFK).

848 F.Supp. 1107 (1993)

JOHN HANCOCK MUTUAL LIFE INS. CO., Plaintiff, v. AMERFORD INTERNATIONAL CORP., Defendant.

United States District Court, S.D. New York.

September 28, 1993.

Attorney(s) appearing for the Case

Townley & Updike, New York City (Barbara Roth, Mary Elizabeth Mahon, of counsel), for plaintiff.

Martin H. Scher, Carle Place, NY (Robert S. Nayberg, of counsel), for defendant.

OPINION AND ORDER

KEENAN, District Judge:

Plaintiff has moved and Defendant cross-moved for summary judgment. For the reasons set forth below, Plaintiff's motion is granted and Defendant's cross-motion is denied.

BACKGROUND

In 1985, Plaintiff John Hancock Mutual Life Insurance Co. ("Hancock") and Defendant Amerford International Corp. ("Amerford") entered into a Planned Funding Agreement ("PFA") under which Hancock administered...

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