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PIONEER ANNUITY LIFE INS. CO. v. RICH

No. 1 CA-CV 91-0349.

179 Ariz. 462 (1994)

880 P.2d 682

PIONEER ANNUITY LIFE INSURANCE COMPANY, an Arizona corporation, by S. David CHILDERS, Director of Insurance and Receiver, and Ray E. Gill, Deputy Receiver for Pioneer Annuity Life Insurance Company, Petitioner-Appellee, v. Jack D. RICH and Verna Rich, his wife, Respondents-Appellants.

Court of Appeals of Arizona, Division One, Department E.

Review Denied September 20, 1994.

Attorney(s) appearing for the Case

Stockton & Hing by Robert Ong Hing, Thomas F. Ames, Scottsdale, for respondents-Appellants.

Guttilla & Murphy by Eileen T. Baldwin, Phoenix, for petitioner-appellee.

OPINION

McGREGOR, Judge.

The Arizona Constitution makes shareholders of banking or insurance corporations individually responsible for all contracts, debts, and engagements of the corporation to the extent of the par value of their stock, in addition to the amount invested in the shares. Ariz. Const. art. XIV, § 11 (section 11). In this appeal, we consider whether section 11 is self-executing. If it is, we must decide when a cause of action accrues and...

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