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SUNBURST BANK v. EXECUTIVE LIFE INS. CO.

Docket Nos. B070030, B070031, B071799, B072863, B079406.

24 Cal.App.4th 1156 (1994)

29 Cal. Rptr.2d 734

SUNBURST BANK, Plaintiff and Appellant, v. EXECUTIVE LIFE INSURANCE COMPANY et al., Defendants and Respondents. NATIONSBANK OF TEXAS, N.A., Plaintiff and Appellant, v. EXECUTIVE LIFE INSURANCE COMPANY et al., Defendants and Respondents. In re EXECUTIVE LIFE INSURANCE COMPANY in Conservation of Assets. JOHN GARAMENDI, As Insurance Commissioner, etc., Plaintiff and Respondent, v. EXECUTIVE LIFE INSURANCE COMPANY, Defendant; SUNBURST BANK et al., Claimants and Appellants.

Court of Appeals of California, Second District, Division One.

May 4, 1994.

Attorney(s) appearing for the Case

COUNSEL

Daniel & Lezar, Robert D. Daniel, Peveril O. Settle III, Crosby, Heafey, Roach & May, Peter W. Davis, Paul D. Fogel, Marc R. Benson, Phelps Dunbar, Michael D. Hunt and Allen D. Darden for Plaintiffs and Appellants and for Claimants and Appellants.

Cook, Yancey, King & Galloway, Herschel E. Richard, Jr., Glenn L. Langley, William C. Kalmbach III, Murphy, Weir & Butler, Penn Ayers Butler, Tobias S. Keller, Pachulski, Stang, Ziehl & Young, Thomas E. Musselman, Ian A.W. Nasatir, Larry W. Gabriel, Brobeck, Phleger & Harrison, G. Larry Engel, Kent M. Roger, Esther H. Pang and David M. Higgins for Defendants and Respondents.

Daniel E. Lungren, Attorney General, Edmond B. Mamer, Deputy Attorney General, Rubinstein & Perry, Karl L. Rubinstein, Dana Carli Brooks, Melissa S. Kooistra and Robert H. Nunnally, Jr., for Plaintiff and Respondent and for Defendants and Respondents.

OPINION

VOGEL (Miriam A.), J.

Executive Life Insurance Company (ELIC) sold Municipal Bond Guaranteed Investment Contracts (Muni-GICs) to two banks. When the banks failed, the Federal Deposit Insurance Corporation (FDIC) placed them in receiverships and transferred their assets (including the ELIC Muni-GICs) to successor banks which, in turn, became creditors in ELIC's subsequent conservatorship proceedings. To obtain priority over...

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